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Visa and Mastercard will have to lower fees



The European Commission also officially ordered Visa and Mastercard credit and debit companies to reduce interbank amounts for retailers in a European Economic Area country, they said in Brussels. According to their statements, the commission rate will be reduced by about 40%.

Companies have already committed to reducing these commissions in January, and that Brussels decision will also be binding on them by law. Interbank charges will have to be reduced to retailers in a Member State of the European Economic Area who charge for payments with cards issued outside this area.

"This action, coupled with the January decision on the interbank commission from Mastercard, will lead to lower costs for European merchants," he added. said the European Commissioner for Competition Margrethe Vestager.

Brussels ordered Mastercard to pay a fine of € 570 million in January to prevent competition. Mastercard rules have prevented banks from offering lower interbank rates to retailers in a Member State of the European Economic Area, where interbank rates may be higher.

The European Commission also officially ordered credit and credit card companies Visa and Mastercard to reduce interbank charges.PHOTO: Shutterstock

Retailers could not therefore benefit from the benefits of lower commissions elsewhere and cross-border competition between banks could have been jeopardized, resulting in a breach of European anti-trust rules and damage to consumers and traders.

Mastercard and Visa have been commissioned by the European Commission for many years. Consumers and retailers complained that Mastercard and Visa were collecting too much. Visa reduced the commission in 2013 by up to 60% and agreed to reform its rules in order to accelerate cross-border competition.


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