Visa and MasterCard have reached an agreement with the French competition authority that requires the companies to cut their card interchange fees in France by almost half, reported Finextra.
The conditions of the agreement will commence on November 1 of this year, and will require both firms to start charging merchants a maximum of 0.28 percent of the payment transaction amount. These changes equal a 49 percent reduction from MasterCard’s current average, and a 44 percent reduction from Visa’s. Additionally, both will cap their ATM withdrawal fees at 55 cents, which is 60 cents less for MasterCard, and 75 cents less for Visa.
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