Visa and Mastercard plan to increase credit card fees: report

Global payment processors Visa and Mastercard plan to increase the fees many merchants pay when accepting their customers’ credit cards The Wall Street Journal reported On Wednesday.

The fee increases are set to begin in October and April, the report said, citing people familiar with the matter and documents viewed by the WSJ.

Many of the fee increases will affect online purchases, the WSJ said.

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

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

Mastercard shares rose 1.3%, while Visa gained 1.1%.