The U.S. Department of Justice said the transaction would eliminate healthy competition from the online payments market.
“The recovery so far has been uneven, V-shaped for domestic volumes but L-shaped for cross-border volumes,” CFO Vasant Prahbhu says.
The proposed transaction is being reviewed over antitrust concerns.
Payments volume improved as the third quarter progressed, reflecting the easing of shelter-in-place orders in the U.S.
The deal gives Visa access to software that fintech app developers use to interface with customers' bank accounts.
The move is part of Visa’s effort to push into the high-value cross-border transaction market.
“We believe Transfast gives us the strongest platform to immediately enhance our cross-border [payments] capabilities," Mastercard says.
The companies said they have already set aside funds to cover the penalty.
AriseBank called itself the first "decentralized bank" and claimed to have acquired two FDIC-insured institutions.
A minority but growing number of employers give employees bonuses and raises based on this year's tax windfall; Visa leads the way with huge 401(k) boost.
Strong consumer spending overseas helped drive Mastercard's gross dollar volume to $1.4 trillion in the third quarter.
The company is benefiting from healthy consumer spending but faces increased costs as it spends on digital payment initiatives.
