legal

August 24 (www.PaymentsLab.com) – MasterCard International Inc. has followed in rival credit card issuer Visa in reaching a settlement with the Commerce Commission over the practice of `smearing’ credit card fees across transactions.

Visa reaches settlement with ComCom over interchange fees, others not so lucky

(www.PaymentsLab.com) - Credit card issuer Visa has reached settlement with the Commerce Commission over its practice of smearing credit card fees across other transactions.

Visa International Service Association and Visa Worldwide Pte have signed an agreement on the interchange fees issues, the commission announced today.

Interchange fees are charged to cover banks' costs of credit card transactions.