Visa and Mastercard to Reduce Fees in the US

Visa and Mastercard have agreed to reduce commission rates on credit card transactions in the United States, reports *The Economic Times*. This move is expected to save retail stores 0.1% on each transaction.

This change is anticipated to slightly ease the financial burden for retail stores, as these costs have often been passed on to consumers. Stores will now have the option to choose which network’s credit cards they want to accept.

The National Retail Federation (NRF) considers this change insufficient since it represents only a small portion of the average commission rate of 2.35%. The agreement, aimed at resolving a dispute that began in 2005, is currently awaiting approval from a federal judge.

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