Banking Law News

Citigroup Makes Its Move in $90 Billion Battle Over Swipe Fees

March 26, 2019, 1:54 PM

Citigroup Inc. is jumping into the battle over the $90 billion in swipe fees that merchants pay each year to process debit and credit cards.

  • The bank is developing a new digital consumer-payments business that will allow large merchants to collect from cards, mobile wallets and bank-account transfers. Citigroup will work with Mastercard Inc.’s payment-gateway services to connect with payment processors and mobile wallets around the world.

Key Insights

  • Citigroup’s new product could address the growing concern among U.S. merchants that have been looking for a way to lower the amount they spend on electronic payments, especially through solutions that...
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