In early February we reported that Visa was planning a complete overhaul of its interchange fee structure that merchants pay to accept its cards, hoping to persuade more people to abandon checks and adjusting its fees for new businesses such as ride-hailing and other app based services.
Coronavirus delays Visa interchange fee restructure
The company’s interchange fees will go up or down depending on the merchant and the way a consumer pays for their purchases, according to a document Visa sent to banks that outlines the changes. Higher rates are looming for transactions on e-commerce sites, while retailers in certain services categories, such as real estate and education, will see fees decline.
However, due to the COVID-19 crisis Visa will delay the rollout of the new interchange fee structure. The fee changes, in the works for months, would raise the cost of credit-card transactions for many merchants, while lowering them for others. They’ll take effect in July instead of April.
“Visa is committed to partnering with our clients during this difficult time,” said a Visa spokesman. “We are actively implementing and considering a number of ways we can proactively support our clients to ensure the stability, security, reliability and resiliency of the digital payments ecosystem.”
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