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Some of the changes relate to so-called interchange fees, the
report said. Interchange fees are what merchants pay to banks
when consumers use a credit or a debit card to make a purchase
from their store.
Fees that Mastercard and Visa charge financial institutions,
such as banks, for processing card payments on behalf of
merchants are also set to increase, the report said.
Visa and Mastercard did not immediately to a request for
comment.
Merchants often pass on any increases in processing fees to
consumers, in an attempt to protect their own profits. Up to 2.5
percent of prices for goods and services go to cover card fees,
the WSJ said.
Card companies have said in the past that their credit and debit
cards usually result in more sales for merchants, especially in
countries like the U.S. They also say that expenses for ramping
up anti-fraud/theft security measures, to make payment
processing safer, need to be covered.
Recently, the two companies along with several U.S. banks, had
to pay over $6 billion to settle a lawsuit brought by merchants
who accused the credit card companies of violating federal
antitrust laws by forcing merchants to pay swipe fees and
prohibiting them from directing consumers toward other methods
of payment.
(Reporting by Bharath Manjesh in Bengaluru)
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