Coronavirus Slowdown Prompts Visa to Delay New Fee Structure

Visa Inc. is delaying the rollout of a new fee structure during the coronavirus slowdown.

The fee changes, in the works for months, would raise the cost of credit-card transactions for many merchants, while lowering them for others. They’ll take effect in July instead of April.

“Visa is committed to partnering with our clients during this difficult time,” said a Visa spokesman. “We are actively implementing and considering a number of ways we can proactively support our clients to ensure the stability, security, reliability and resiliency of the digital payments ecosystem.”

Visa and other card networks set the interchange fees that are collected by banks that issue credit cards. Interchange fees help banks fund credit-card reward programs.

Source:  MorningStar