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On November 10, 2025, Visa Inc. (the "Company") reached a proposed settlement that resolves claims against the Company, Mastercard and other defendants brought by the injunctive relief class in a lawsuit that is part of the long-standing multi-district litigation entitled In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation.
The proposed settlement with U.S. merchants of all sizes would provide meaningful relief, more flexibility and options to control how they accept payments from their customers.
The terms of the settlement include:
•Credit surcharging. Merchants will have more options to surcharge, including if they do not surcharge other credit networks.
•Honor All Cards. Merchants will be able to choose whether to accept U.S. credit cards in distinct categories—commercial, premium consumer and standard consumer.
•Lower interchange. The settlement provides for a reduction of the U.S. combined average effective credit interchange rate by 10 bps for five years.
•Interchange rate certainty. The settlement will cap posted U.S. credit interchange rates for five years. In addition, standard U.S. consumer credit rates will be capped at 125 bps through the term of the agreement.
•Merchant education. A new merchant education program about payment acceptance and cost management will be available to merchants of all sizes.
The settlement agreement is subject to approval by the court. The full text of the settlement agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
