Visa Plans EU Cross-Border Card Fees Cap

Visa is planning to “significantly” reduce the fees it charges for cross-border card payments in the European Union, according to a Bloomberg report.

Visa Europe is proposing to reduce its interbank fees to 60 percent of their current charge for a level of 0.3 percent of the value of a transaction for cross-border and domestic transactions alike. Visa Europe is the largest payment card network in the EU and was sent a formal complaint over its fee structure by the European Commission last year.

“It is excellent news that Visa decided to submit these commitment proposals in response to our objections,” EU Competition Commissioner Joaquin Almunia told Bloomberg in an e-mailed statement. “Given the importance of card payments for European consumers and businesses” in the EU, “putting an end to restrictions of competition in interbank arrangements is a key priority for the commission.”

“Today’s outcome is the result of constructive dialogue between Visa Europe and the European Commission and is in line with the level of 0.3 percent established in the industry,” Peter Ayliffe, Visa Europe’s chief executive officer, told Bloomberg.

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