Wal-Mart Stores Inc, the world’s largest retailer, on Tuesday joined the growing chorus of merchants opposed to a proposed settlement with Visa Inc. and MasterCard Inc over credit card fees.
Walmart said the USD7.25 billion settlement would not change a "broken" system of what credit card companies charge retailers for processing credit and debit card payments, known as "swipe fees".
The class-action settlement between retailers and the two biggest credit card companies, which is subject to court approval, is intended to resolve stores’ claims that Visa and MasterCard conspired with major banks to fix swipe fees.
(Source: CNBC)