Published reports say that the settlement of the "honor all cards" antitrust case, which resulted in Visa USA paying $2 billion and MasterCard paying $1 billion to a consortium of retailers led by Wal-Mart and Sears, should save stores between as much as $100 billion over the next decade in reduced transaction fees.
- KC's View:
Memo to all the retailers involved in this case...
Now that you've won, and gotten lower transaction fees from Visa and MasterCard, you'd better make damned sure that these benefits accrue to the consumer.
Because the last thing you need a couple of years from now is some piece on 60 Minutes or the Today Show or on the front page of The New York Times explaining how all these savings went to your bottom lines and never were seen by shoppers.
Just a little free advice here...