Visa, Mastercard settlement masks true problems

Visa, Mastercard settlement masks true problems

• By [ Austen Jensen ]
• Washington, DC
• 11/10/2025

The Retail Industry Leaders Association issued the following statement after news of a Visa, Mastercard settlement:

The reported details of the settlement fail to address the core problem facing retailers.

"The plan to limit interchange fees by only a small fraction does not offset the increases that have occurred over the past several years - let alone the last two decades," said Austen Jensen, RILA's Senior Executive Vice President of Public Affairs. "While addressing certain aspects of the 'honor all cards' rules is important, this proposal does nothing to change the underlying duopoly that Visa and Mastercard hold over the market and will still force merchants to accept the highest-costing cards."

"This settlement should once again remind Congress of its responsibility to fix an anticompetitive credit card market to lower costs for American retailers, restaurants and other businesses. Congress must finish the job and pass the Credit Card Competition Act to lower costs and bring real competition to a broken system."

RILA is the U.S. trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to elevate a dynamic industry by transforming the environment in which retailers operate.

RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $2.7 trillion in annual sales, millions of American jobs, and hundreds of thousands of stores, manufacturing facilities, and distribution centers domestically and abroad.

Tags

• Finance
• Public Policy
• Retail Impact