Visa and Mastercard have reached a $30 billion settlement over transaction fees in the United States. The agreement comes after years of legal battles over allegations of charging excessive fees to merchants.

The settlement marks a significant development in the long-standing dispute between the credit card companies and vendors. It is expected to bring an end to a series of class-action lawsuits that have been ongoing for over a decade.

Under the terms of the settlement, Visa and Mastercard will pay up to $30.1 billion to resolve the claims. The payment will be distributed among the affected vendors, providing them with compensation for the alleged overcharges.

The resolution of this dispute is anticipated to have a far-reaching impact on the payment industry in the United States. It is likely to lead to changes in the way transaction fees are structured and could potentially alter the dynamics of the credit card market.

This settlement is seen as a significant win for merchants who have long argued that the fees imposed by Visa and Mastercard were unfair and anti-competitive. The agreement is expected to bring relief to businesses that have been grappling with high transaction costs for years.

Overall, the $30 billion settlement between Visa and Mastercard signifies a major turning point in the ongoing battle over transaction fees in the United States. The agreement is poised to reshape the landscape of the payment industry and could have lasting implications for both credit card companies and vendors.