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NEW YORK - Starting next year, Visa USA will be offering retailers lower fees on certain debit-card transactions, according to a Reuters report. The reduced rates follow a court settlement in which Visa agreed to pay $2 billion and MasterCard International agreed to pay $1 billion to resolve a suit brought by Wal-Mart Stores Inc. and other retailers over debit fees.
In its report, Reuters cites a memo Visa sent to its member banks, in which Visa said the new rates will go into effect Jan. 31 for debit-card transactions that require a signature.
"Visa will introduce new rates, which serve to lower fees from pre-settlement rates for all merchant categories," wrote William Sheedy, Visa's e.v.p. of interchange, in the memo.
Wal-Mart recently said it would stop accepting MasterCard for debit-card transactions that require a signature as of Feb. 1.