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EU: Visa swipe-fee cap offer made official

By  |  February 26, 2014

Visa Europe’s offer to cap its swipe-fees has been accepted by the European Commission, say reports, effectively closing the investigation into the credit card giant for the fees often criticized as anticompetitive.

Visa has offered to limit interchange fees as 0.3 percent per credit card transaction, the same cap as MasterCard. Visa was probed by the Commission over the fees, which are charged by credit card lenders to retailers ever time a card is used at the register.

European Commissioner praised the resolution as “excellent news for European consumers, since the feed paid by retailers end up on their bills.”

Visa first offered the concessions last year to close the probe. According to reports, the fees apply on cross-boarder transactions as well as the caps apply to all EU nations, not only the home-nation of the cardholder.

Full Content: Reuters

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