Visa announced that it will push back planned increases in credit card swipe fees until April 2021 but will go continue with its plan to reduce interchange fees for in-store purchases at supermarkets in July.
“At Visa, we remain steadfast in our commitments to employees, clients and communities as the COVID-19 pandemic continues to impact our world in unprecedented ways,” the company said. “… We believe this is the right decision to ensure the long-term stability of the digital payments ecosystem.”
In March, Visa and Mastercard agreed to postpone the rollout of a new fee structure until July due to the COVID-19 pandemic.
This news follows Visa’s announcement last week that it also would delay the deadline for U.S. convenience and fuel operators to upgrade their automated fuel dispensers to take EMV chip and contactless payments until April 2021 due to the pandemic.
“While we continue to believe EMV is the best way to decrease fraud, we recognize the supply chain and staffing challenges that are impacting the ability for gas station owners to complete the upgrade at this time,” the company said.
Visa also said it is focused on supporting those directly impacted by the COVID-19 pandemic. In April, the Visa Foundation announced a commitment of two programs totaling $210 million to support small and micro businesses and to address the urgent needs of local communities following the spread of COVID-19.