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Visa, Mastercard offer to cap tourist card fees to end EU probe

Reuters  |  BRUSSELS 

By Foo Yun CheeBRUSSELS (Reuters) - Visa and Mastercard have offered to cap the fees charged on card payments made by tourists in the European Union to stave off fines and end an EU antitrust investigation.The European Commission, which has waged a decades-long crackdown on payment and credit card fees, says so-called interchange fees in which the merchant's bank pays a charge to the cardholder's bank, result in higher prices for consumers.This is because the fees, which are a lucrative source of revenue for banks, are ultimately borne by the merchant.Visa, the world's largest payments ...

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First Published: Wed, December 05 2018. 01:02 IST
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