Major UK retailers are calling upon the European Commission swipe-fees they deem “excessive” as the EU focuses on the issue.
Reports say major stores including Sainsbury’s, Boots and Morrisons – totaling more than a dozen conglomerate – signed a petition to the Commission ahead of its scheduled debate on swipe-fees, known as interchange fees, held this week. Such fees are charged by credit card companies in collaboration with major banks every time a consumer swipes a credit or debit card.
The Commission had previously planned to impose caps at .2 percent for debit cards and .3 percent for credit cards; in the UK such swipe-fees can reach as high as 2.5 percent.
Report say the retailers told the Commission that the current market “is highly competitive” and that the stores “compete on price and value every day…Any savings in a reduction in card interchange fees will create capital to enable a range of investments.”
The letter was sent just days after a federal judge in the US approved of a joint settlement totaling more than $5 billion offered by Visa and MasterCard to various US retailers for swipe-fee costs.
Full Content: Retail Week
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UFC Reaches $375 Million Settlement in Antitrust Case
Feb 6, 2025 by
CPI
Brazilian Architecture Council Convicted of Antitrust Violations
Feb 6, 2025 by
CPI
Bipartisan Bill Seeks to Ban Chinese AI Software from US Government Devices
Feb 6, 2025 by
CPI
Senators Call for Investigation into RealPage Algorithm’s Impact on Military Housing Costs
Feb 6, 2025 by
CPI
ECB Seeks Faster Digital Euro Legislation Amid US Stablecoin Push
Feb 6, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon