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EU: Member states to push for Visa, MC fee caps

By  |  November 2, 2014

Members of the European Union are expected to collectively support plans to cap the fees charged to retailers whenever customers use debit or credit cards, say reports.

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    The nations are expected to reach an agreement to limit the size of interchange fees and impose additional regulations on the banks that issue Visa and MasterCard cards.

    Reports say market leader American Express would escape the harshest regulations, but would have to comply with the swipe fee caps when it partners with banks to issue its cards.

    A document seen by reporters prepared by Italy, which holds the current EU presidency, says swipe fees are “one of the key practices hindering the functioning of the internal market in card-based payments.”

    The document is part of the EU’s efforts to draft new legislation to regulate the industry. Regulators have been examining swipe-fees for years as some have determined that the way interchange fees are set is anticompetitive.

    Full content: Businessweek

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