Visa, Mastercard make bank on swipe fees, report claims

A new report claims that Visa and Mastercard are generating substantial profits from swipe fees. These fees have increased astronomically since the COVID pandemic. Consequently, merchants are passing these rising costs directly to the customers. The financial impact of these increased transaction fees is significant, reflecting a trend in the payment industry where the cost of processing digital transactions has grown sharply, ultimately affecting the end consumer's pricing across various merchant services.