Mastercard and Visa are planning to increase credit card fees, particularly the Interchange fee, which merchants pay to card issuing banks when customers use their credit cards.

This fee hike is expected to impact online purchases as well. The increase in fees is likely to be passed on to consumers, affecting product prices.

Mastercard and Visa are set to raise credit card fees, as reported by The Wall Street Journal.

The fee in question is the Interchange fee, paid by merchants to card issuing banks for each credit card transaction.

Online purchases are expected to be among the transactions affected by the fee increase.

Interchange fees contribute significantly to Mastercard and Visa's revenue.

The cost of higher fees is often incorporated into product prices, impacting consumers.

U.S. merchants paid around $93 billion in credit card fees in the previous year, a substantial increase from $33 billion in 2012.

The fee hike's finer details have not been disclosed by Mastercard and Visa, leaving room for further clarification.

For more such interesting stuff, click on the link given below