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Visa to get EU clearance on fees - Dow-Jones

19 July 2002  |  7945 views  |  0 Visa to get EU clearance on fees - Dow-Jones

Dow-Jones newswires reports that European anti-trust authorites have reached a compromise agreement with Visa International on reducing levels of interchange fees for processing card transactions.

Under the agreement, banks can continue to charge store owners to use Visa cards, but Visa must cut its interchange fees by 20% reports Dow-Jones, citing un-named company lawyers and officials.

The decision, which is set to be announced next week says, will be construed as a victory for Visa which faced the prospect of having to abolish its charging structure.

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