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Visa and Mastercard reached a revised settlement in November 2025 with U.S. merchants in an ongoing antitrust lawsuit over interchange fees, which is distinct from a previous 2019 settlement. The new, larger $38 billion settlement aims to reduce interchange fees for five years, give merchants more flexibility on payment acceptance rules, and cap standard consumer credit rates at . The settlement awaits final court approval.  Key terms of the 2025 settlement Swipe fee reductio