Visa, Mastercard reportedly plan to hike credit card fees for merchants

Global payments processors Visa and Mastercard are planning to increase fees that many merchants pay when they accept customers’ credit cards, the on Wednesday.

The fee increases are scheduled to start in October and April, according to the report, which cited𓆉 people familiar with the matter and documents viewed by the WSJ.

Many of the fee increases are for online purchases, the 🍃;W🔴SJ said.

Visa and Mastercard did not immediately respond to Reuters’ requests for comment.

An interchange fee is the charge a merchant pays to the card-issuing bank every time a consumer 📖swipes their card. Increases in fees merchants pay to card issuers are typically passed on to consumers, regulators have previously said.

Shares of Mas𓆉tercard and Visa hit 52-week highs before closing with gains of 0.6% and 0.4%, respectively.