Interchange fees are what merchants pay to banks when consumers use a credit or a debit card to make a purchase from their store LONDON: Visa Inc. is planning the biggest changes in a decade to the rates US merchants pay to accept its cards, Bloomberg reported on Tuesday. Interchange rates of the world’s largest payment processor will go up or down depending on the merchant and the way consumers pay for their purchases, the report said. Higher rates are looming for transactions on e-commerce sites, while retailers in certain services categories such as real estate and education will see fees decline, the report added. “Based on the most recent review in the US, Visa is adjusting its default US interchange rate structure to optimize acceptance and usage and reflect the current value of Visa products,” Visa said in the document. Interchange fees are what merchants pay to banks when consumers use a credit or a debit card to make a purchase from their store. Payments networks like Visa and Mastercard Inc. earn fees from merchants every time a consumer swipes a card issued by them. They also make revenue from interest paid by customers on overdue spending. Visa’s shares were up 1.2 percent in premarket trading.