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Fintech Insider Podcast by 11:FS
840. News: Visa and Mastercard agree the largest antitrust settlement in US history
Apr 1, 2024
Jason Mikula, founder of Fintech Business Weekly, and Doug Mackenzie, former Head of Content at FF News, join the hosts to discuss the $30 billion Visa and Mastercard settlement, OakNorth's profit increase, Belong's funding record, UK finfluencers regulation, soaring digital wallet adoption, HSBC Australia's Proxymity Vote Connect, and a Real Housewife's fintech sale to run a castle in South East England.
01:02:32
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Quick takeaways
- Visa and Mastercard settled for $30 billion, reducing processing fees and implementing a cap, aiming to benefit merchants by lowering costs and providing control over payment alternatives.
- Oak North Bank saw a 23% profit increase, emphasizing lending growth and US expansion, targeting disruption in the US SME market with a focus on profitability.
Deep dives
Visa and MasterCard Reach $30 Billion Settlement Over Transaction Fees
Visa and MasterCard have settled for $30 billion regarding transaction fees for merchants, agreeing to reduce processing fees and implementing a cap for the next five years. This settlement addresses inflated swipe fees and anti-steering rules, aiming to benefit merchants by lowering costs and providing more control over payment alternatives.
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