Visa and MasterCard agreed to settle a major lawsuit with retailers for $7.25 billion and agreed to let merchants impose a surcharge on those paying with credit cards, according to the San Francisco Business Times.

Visa's share of the settlement is $4.4 billion; MasterCard (NYSE: MA) will pay $790 million.

The settlement is expected to have widespread ramifications as shoppers are likely to find themselves paying extra fees at the checkout counter when paying with Visa or MasterCard credit cards. Previously, the card companies have forbidden the fees.