17 October 2017

MEPs call for common card fees

20 November 2012  |  7149 views  |  0 EU flag

European parliamentarians have adopted a non-legislative resolution calling for common multilateral interchange fees across the EU.

Backing the details of a green paper published earlier this year on creating an integrated European market for card, Internet and mobile payments, members of the parliament's economic and monetary affair committee voted for the card market to follow Sepa's lead.

"Just as Sepa is designed to remove the gap between domestic and cross-border bank transfers, so the goal of integrating the card payment market should be to make cross-border payments as convenient as payments at national level," says a statement.

The MEPs call falls short of an interchange fee cap, instead arguing for transparency to help to make handling fees "converge to the common lowest level based on real costs".

MasterCard Europe president Javier Perez says that the move is not in the best interest of consumers, who will not have any benefits passed on to them by merchants.

"MasterCard fully supports the principles of the Green Paper to advance electronic payments in Europe. We are now calling on the Commission to ensure that any future payment legislation be carefully weighed against the known consequences of reduced interchange fees to maintain the existing level of vigorous competition in the EU payments market," says Perez.

The politicians also backed the creation of a Sepa-like model for Internet and mobile payments, but warned against regulating the market too heavily, so as not to hinder its natural growth or stifle innovation.

Security requirements should be the same in all EU member states, with common technical standards fostering interoperability and providing real-time delivery, says the non-legislative resolution.

Meanwhile, Pirate Party MEP Christian Engström says that he has successfully inserted a point in the paper designed to stop the likes of Visa, MasterCard and PayPal from cutting off funds to organisations such as WikiLeaks.

The parliament "considers it to be in the public interest to define objective rules describing the circumstances and procedures under which card payment schemes may unilaterally refuse acceptance".

Says Engstrom: "It is not reasonable to Visa, MasterCard and PayPal may decide that small Swedish companies that sell horror movies or sex toys should not be allowed to continue to sell their products online...Another example is when Visa, MasterCard and PayPal blocked payments to WikiLeaks. There was no legal basis and should be seen as the three companies helped the US government to silence an inconvenient voice. It is not acceptable that private corporations have the power of free speech."

Read the report details here

KeywordsSEPA

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

US card fee settlement gets preliminary approval

US card fee settlement gets preliminary approval

12 November 2012  |  6439 views  |  0 comments | 2 tweets | 2 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  |  8804 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  |  10366 views  |  0 comments
WikiLeaks opens new payment gateway as reserve funds run dry

WikiLeaks opens new payment gateway as reserve funds run dry

18 July 2012  |  4841 views  |  0 comments
WikiLeaks claims banking blockade court victory

WikiLeaks claims banking blockade court victory

13 July 2012  |  6090 views  |  0 comments
MasterCard loses court challenge to EC interchange ruling

MasterCard loses court challenge to EC interchange ruling

24 May 2012  |  10412 views  |  0 comments
MEPs vote for 2014 Sepa deadline

MEPs vote for 2014 Sepa deadline

14 February 2012  |  10831 views  |  2 comments
WikiLeaks to sue Visa and MasterCard

WikiLeaks to sue Visa and MasterCard

04 July 2011  |  9964 views  |  3 comments
EPC sets out Sepa mobile payments guidelines

EPC sets out Sepa mobile payments guidelines

05 May 2011  |  13136 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.temenos.comvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14435 views comments | 11 tweets | 3 linkedin
Taiwan's Far Eastern International Bank suffers malware attackTaiwan's Far Eastern International Bank su...
13061 views comments | 16 tweets | 22 linkedin
Monzo fends off suitors as current account upgrade beginsMonzo fends off suitors as current account...
8957 views comments | 17 tweets | 14 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
7900 views comments | 15 tweets | 20 linkedin
Ripple blockchain network hits 100-member markRipple blockchain network hits 100-member...
7600 views comments | 13 tweets | 13 linkedin

Featured job

circa £250K total package
London

Find your next job