Visa Europe to reduce credit-card fees after EU antitrust probe

Thursday 27 February 2014 13:44 CET | News

Visa Europe initiative to reduce credit-card fees was accepted by European Union regulators, according to online media outlet

Visa Europe will cap so-called interbank fees for processing credit card payments to 0.3% of the value of the transaction for cross-border and domestic payments in Europe for four years, starting with January 2015. The commitment will reduce card charges by 40% to 60%.

The move ends an antitrust probe that was triggered by retailers’ gripes about the card payments company relating to the volume of transactions. Card fees charged by Visa Europe and MasterCard have been probed by European Union regulators since 2002.

As per the regulation, a 0.3% cap on credit card fees for payments that customers make in their home nation will be applied after a two-year delay to deter banks switching to cards with higher charges.

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Keywords: Visa, EU, cards, fees, payments , probe
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce