This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Walmart is asking a federal judge to split a huge class of plaintiffs involved in card fee litigation against Visa and Mastercard to allow large merchants to pursue their own needs with regard to the card networks. Walmart, the largest U.S. retailer by revenue, wants U.S. District Judge Brian Cogan to decertify the class of plaintiffs pursuing swipe fee changes, t ...

This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Merchant groups attacked a settlement to end decades of litigation over card networks’ interchange fees, alleging in court filings this week that the proposed pact still gives Visa and Mastercard far too much legal immunity and leeway to set fees. Several of the objecting merchants said Friday that the settlement reached last month largely resembles a prior agreem ...

Core Viewpoint - Visa and Mastercard are nearing a settlement with merchants that will lower interchange fees and provide more flexibility for merchants in card acceptance [2][3][5] Group 1: Settlement Details - The proposed settlement would reduce credit card interchange fees, currently between 2% and 2.5%, by an average of approximately 0.1 percentage points over several years [3] - Merchants would gain the ability to reject certain types of credit cards, allowing them to not accept all cards from a network if they choose [5][6] - The new agreement may categorize credit card acceptance into different types, such as rewards cards and commercial cards, which could impact consumer shopping behavior [5][6] Group 2: Legal Background - The legal battle began in 2005 when merchants accused Visa, Mastercard, and large banks of engaging in monopolistic practices regarding interchange fees and acceptance terms [7][8] - Previous attempts to settle, such as an agreement to reduce fees by 0.07 percentage points, were rejected by the court [8] Group 3: Consumer Impact - The potential changes could significantly affect consumers, as merchants may opt to decline high-fee rewards cards, which could lead to a loss of sales for those stores [5][6] - Research indicates that while many cardholders value loyalty rewards, only 20% redeem them at least once a month, suggesting varied consumer engagement with these benefits [9]

Industry Regulation - Credit card companies 可能需要根据协议条款降低交换费 [1] Negotiation Status - 该协议仍在讨论中 [1]

Yeah, Scott, quite the debut it's been today. Currently, shares are trading about 36% higher around 3667. This comes after Chime priced a dollar above the range at $27 per share, which at that time implied a fully diluted valuation of 11.6% billion, which is less than half the valuation Chime commanded back in 2021 in a private funding round.Uh, still of course the stock doing quite well today. Chime is a fintech company that provides banking services that target individuals making $100,000 a year or below. ...