Tag Archives: Visa

Visa, MasterCard To Pay $3Bn To Stay In Russia – Morgan Stanley – 15 May 2014

RT logoUnder Russia’s new legislation, Visa and MasterCard will have to pay $3 billion in ‘security fees’ to continue operating in Russia, more than five times higher than the companies combined revenues, a new Morgan Stanley report says.

Under the new plan, Visa will be required to pay Russia’s Central bank $1.9 billion, and MasterCard will have to fork out $1 billion, according to an estimate by Morgan Stanley, Kommersant reported on Thursday.

Russian President Vladimir Putin signed a law on foreign payment systems on May 5 that requires foreign payment systems to be levied at 25 percent of an average amount of transfers profit during one calendar day in Russia, to be paid each quarter to the Central Bank. The law will be enacted on July 1.

Read the full story at: www.rt.com / link to original article

Jessica Dye – Visa, Mastercard, Banks In $7.25 Billion Retail Settlement – 15 July 2012

(Reuters) – Visa Inc, MasterCard Inc and banks that issue their credit cards have agreed to a $7.25 billion settlement with U.S. retailers in a lawsuit over the fixing of credit and debit card fees in what could be the largest antitrust settlement in U.S. history.

The settlement, if approved by a judge, would resolve dozens of lawsuits filed by retailers in 2005. The card companies and banks would also allow stores to start charging customers extra for using certain credit cards in an effort to steer them toward cheaper forms of payment.

The settlement papers were filed on Friday in Brooklyn federal court.

Read the whole story at: http://www.reuters.com link to original article first published 13 July 2012.