Washington: In a move that could reshape the payments industry, credit card giants Visa Inc. and Mastercard Inc. are reportedly nearing a historic settlement with U.S. merchants that would lead to a significant reduction in credit card processing fees, according to a report by The Wall Street Journal on Saturday.

The settlement, which follows years of litigation over so-called “swipe fees” charges retailers pay to process card transactions could mark a turning point in the long-standing conflict between merchants and payment networks. The legal battle has spanned over two decades, with merchants accusing Visa and Mastercard of anti-competitive practices and excessive fee structures that inflate costs for both businesses and consumers.

Under the terms of the proposed agreement, Visa and

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