Visa and Mastercard are set to increase interchange fees that merchants pay when customers use credit cards in their stores, the Wall Street Journal reported on Tuesday.
The new fees are set to take effect next month, sources familiar with the matter said.
The companies insisted the fees help them cover costs related to fraud prevention, as well as innovation. "Our focus remains ensuring the safety and security of payments while balancing the interests of all parties," a Mastercard spokesperson stated.
