20 January 2017
visit http://www.wolterskluwerfs.com

EC accepts Visa Europe credit card fee cap proposal

26 February 2014  |  7702 views  |  0 EU flag

The EC has accepted Visa Europe's promise to cap its multilateral interchange fees (MIFs) for cross-border credit card payments at 0.3%.

The move renders Visa's commitment to slash its fees by up to 60% legally binding. Visa made the concession last May in the wake of anti-trust proceedings initiated by the EC in July 2012.

Visa will also reform its rules so that banks will be able to apply a reduced cross-border inter-bank fee when they compete for clients in other member states.

EC competition commissioner Joaquín Almunia says: "The cap on inter-bank fees for Visa Europe's credit cards and the commitments ensuring cross-border competition are excellent news for European consumers, since the fees paid by retailers end up on their bills."

The agreement on credit card transactions comes after a similar cap - of 0.2% - was hammered out by the EC and Visa for debit cards in 2010. Visa rival MasterCard is appealing a legal judgement requiring it set the same caps.

The Commission says it will continue proceedings against Visa Inc. in relation to international fees - such as fees that apply when a tourist from the US uses his Visa credit card to make a purchase at a merchant in the EEA. These fees are set by Visa Inc. and not by Visa Europe.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Retailers file interchange settlement appeal

Retailers file interchange settlement appeal

03 January 2014  |  4813 views  |  0 comments | 1 tweets | 3 linkedin
Visa and MasterCard agree to cut French card fees

Visa and MasterCard agree to cut French card fees

23 September 2013  |  10698 views  |  0 comments | 14 tweets | 15 linkedin
EU to face payments shake-up as Commission proposes caps on card fees and new regulations

EU to face payments shake-up as Commission proposes caps on card fees and new regulations

24 July 2013  |  12358 views  |  10 comments | 14 tweets | 14 linkedin
Visa and MasterCard face another interchange suit

Visa and MasterCard face another interchange suit

28 June 2013  |  7672 views  |  0 comments | 12 tweets | 9 linkedin
MEPs call for common card fees

MEPs call for common card fees

20 November 2012  |  6852 views  |  0 comments | 3 tweets | 6 linkedin
Europeans fear they'll pick up tab for lower interchange fees

Europeans fear they'll pick up tab for lower interchange fees

12 October 2012  |  8320 views  |  9 comments
EC goes after Visa Europe on credit card interchange fees

EC goes after Visa Europe on credit card interchange fees

31 July 2012  |  9719 views  |  0 comments
MasterCard loses court challenge to EC interchange ruling

MasterCard loses court challenge to EC interchange ruling

24 May 2012  |  9581 views  |  0 comments
EU courts open hearing into MasterCard fees

EU courts open hearing into MasterCard fees

11 July 2011  |  7798 views  |  0 comments
Europe drops Visa antitrust probe after interchange agreement

Europe drops Visa antitrust probe after interchange agreement

08 December 2010  |  10953 views  |  1 comments
Visa Europe says close to EC deal on interchange fees

Visa Europe says close to EC deal on interchange fees

20 January 2009  |  8695 views  |  0 comments
MasterCard Europe suspends cross-border interchange fees

MasterCard Europe suspends cross-border interchange fees

13 June 2008  |  13539 views  |  0 comments
MasterCard appeals EC interchange ruling

MasterCard appeals EC interchange ruling

03 March 2008  |  8498 views  |  0 comments
EC orders MasterCard to drop interchange fee structure

EC orders MasterCard to drop interchange fee structure

19 December 2007  |  13332 views  |  0 comments
EU competition commission eyes Visa interchange fees

EU competition commission eyes Visa interchange fees

20 February 2007  |  11206 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.com

Who is commenting?

Top topics

Most viewed Most shared
Banks face big profit loss to digitisation - McKinseyBanks face big profit loss to digitisation...
15569 views comments | 87 tweets | 109 linkedin
Seven banks plan blockchain platform for SMEsSeven banks plan blockchain platform for S...
12504 views comments | 48 tweets | 44 linkedin
Accenture beats Brexit blues with largest-ever London startup programmeAccenture beats Brexit blues with largest-...
10864 views comments | 31 tweets | 20 linkedin
hands typing furiouslyBlockchain: Time To Get Your Feet Wet
7348 views 0 | 24 tweets | 9 linkedin
HSBC forms tech advisory boardHSBC forms tech advisory board
6215 views comments | 21 tweets | 22 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job