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Commission makes Visa Europe’s commitments legally binding
01 March 2014
The European Commission has
rendered legally binding the commitments offered by Visa Europe to
significantly cut its multilateral interchange fees (MIFs) for credit card
payments to a level of 0.3% of the value of the transaction (a reduction of
about 40 to 60%) and to reform its rules in order to facilitate cross-border
competition. Vice President Almunia said:
"The cap on inter-bank fees for
Visa Europe's credit cards and the commitments ensuring cross-border
competition are excellent news for European consumers, since the fees paid by
retailers end up on their bills. Today's decision adds to what has already been
achieved through the Commission's antitrust investigations concerning
inter-bank fees."
Visa Europe's credit cards and the commitments ensuring cross-border
competition are excellent news for European consumers, since the fees paid by
retailers end up on their bills. Today's decision adds to what has already been
achieved through the Commission's antitrust investigations concerning
inter-bank fees."
