Visa announced that starting in April it will reduce its rates for the use of its credit cards for the Internet and in stores for small businesses by 10%.
The pandemic continues to accelerate the shift to digital payments.
Visa, one of the largest payment companies in the world, benefited as more places began accepting cards and more people started shopping online due to the pandemic.
But the digital payments sector is becoming more crowded.
Visa faces new forms of competition, particularly from technology firms that have created alternative forms of payment that bypass the traditional Visa and Mastercard networks.
Visa currently charges 1.5% to 2.4% in credit card interchange fees, a fee the business is required to pay with each transaction.
The company said the 10% cut affects 90% of businesses, but did not specify what constitutes a small business.
However, according to a Archyde.com report citing a source familiar with the matter, the changes will apply to businesses with consumer credit volumes of $250,000 or less.
