A PYMNTS Company

Singapore: Visa wins interchange fee battle amid legal war

By  |  September 18, 2013

Visa Worldwide won at least one battle in the interchange fees debate raging in various parts of the globe as the Competition Commission of Singapore ruled that Visa’s Multilateral Interchange Fee system does not violate competition law.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The CCS reviewed the system after Visa Worldwide had requested legal opinion on the plan, which sets in place a method for banks to pay for consumers’ use of rival banks’ cards. Those fees are eventually placed on the retailer that is swiping the card.

    According to the CCS, the system does not harm competition in relevant markets. In a statement, assistant CEO of the CCS Toh Han Li said a review was conducted by “analyzing the state of competition” and, based on the results of the probe, the plan was not found to have a negative effect on the market.

    Interchange fees are a hot-topic throughout many nations, especially in the US as Visa and MasterCard are currently waiting on a judge’s decision whether to accept or reject their record-setting settlement to end a class action case over such interchange fees, also called swipe fees.

    Full Content: Channel News Asia

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.