Visa and Mastercard intend to increase fees for credit card payments in Azerbaijan in the near future. The world’s two largest payment systems Visa and MasterCard are going to increase the fees that retailers pay for paying for purchases with credit cards in them, yekemlak.az reports with reference to The Wall Street Journal (WSJ).
Companies will start raising commissions in October of this year and April of next year. Various commissions will be increased, but most of them will affect purchases in online stores. WSJ writes with reference to the calculations of consulting company CMSPI, in total, due to the increase in commissions, retailers will pay more by $502 million a year.
Some of the commissions go directly to payment systems, some to banks that service cards. They explain the increase in commissions by the growing costs of combating fraud and the need to innovate.
According to Nilson Report’s calculations, total amount of credit card fees paid by American retailers Visa and MasterCard has grown from $33 billion in 2012 to $93 billion in 2022.
