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France: Visa, MC settle swipe fee conflict with authorities

By  |  September 23, 2013

The latest development in the global interchange fees saga saw credit card giants Visa and Mastercard making major slashes to the fees within France, the nation’s competition regulator announced.

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    The interchange, or swipe, fees, charged to retailers every time the cards are used at checkout, will be cut by nearly half, according to the French Competition Authority.

    The agreement will only affect transactions within France, but the European Commission has been fighting such interchange fees and recently proposed legislation to place caps on the fines.

    Reports say Visa and Mastercard will reduce the swipe fees to about .28 percent of the transaction value, down from the current .5 percent at which the fees stand.

    Comment from Visa Europe and Mastercard were not immediately available.

    Full Content: Reuters

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