Tap to Pay Settlement

Visa and Mastercard reached a $38B settlement with retailers on Monday after 20 years of legal swiping.  

The deal targets the ballooning credit card transaction fees (2-2.5%) retailers pay banks and card issuers every time you swipe/insert/tap. If the court approves, the settlement would trim fees for merchants and relax the “honor all cards” rule (meaning if a store accepts one kind of Visa, it’s gotta accept them all). 

Retailers could opt to reject specific cards with higher transaction fees—like your favorite airline rewards card—or pass the costs on to shoppers.

Mastercard says the settlement means “more acceptance choices, reduced costs, and simplified rules” for merchants. Retailer representatives say the compromise is “smoke and mirrors” because “minuscule” savings won’t make a dent in the millions in fees merchants pay to big banks.

ETERNAL PERSPECTIVE
Whether your card is declined in the checkout line or you’re racking up more rewards than ever, remember: Your possessions don’t define you. Earthly things will all pass away, so keep your focus on the Giver rather than the gifts. 

“Do not love the world or the things in the world. If anyone loves the world, the love of the Father is not in him. For everything in the world—the lust of the flesh, the lust of the eyes, and the pride in one’s possessions—is not from the Father, but is from the world. And the world with its lust is passing away, but the one who does the will of God remains forever.” 
1 John 2:15-17 (CSB) (read full passage)