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EU: Visa bows down to Commission on interchange fees

 |  May 14, 2013

Visa Inc., which is under investigation by the European Commission concerning accusations that the company’s interchange fees and policies restrict cross-boarder competition, has reportedly agreed to policy changes in efforts to appease the regulator. According to the Commission, Visa will reduce the interchange fees to .3 percent of the transaction value, resulting in a 40 to 60 percent fee reduction and equating its fines to those of rival MasterCard. That fee cap relates to domestic and cross-boarder fees. As the Commission reviews the proposal, Visa hopes to end the investigation and avoid a potential fine. Visa Europe stands as the largest credit card conglomerate on the continent.

Full Content: Fox Business

Related Content: The consumer, once king, is missing in the EU interchange fee debateDavid S. Evans (GlobalEcon/UChicago)

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