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Visa, Mastercard propose merchants' tourist card fee cut to end EU probe

Reuters  |  BRUSSELS 

By Foo Yun Chee

BRUSSELS (Reuters) - and have offered to cut merchants' charges for non-EU credit and debit cards by at least 40 percent to end an EU antitrust investigation, part of a decades-long crackdown by the against such fees.

The EU competition enforcer said interchange fees in which the merchant's pays a charge to the cardholder's which then subsequently passes on the cost to the merchant, result in higher consumer prices.

Visa, the world's largest payments network operator, and No. 2 have proposed a 0.2 percent fee on debit card payments carried out in shops and a 0.3 percent fee on credit card payments, the Commission said on Tuesday.

For online payments, debit card charges would be 1.15 percent and 1.50 percent for The case affects foreign tourists using their cards in the 28-country bloc.

Third parties have a month to provide feedback before the Commission decides whether to accept the offer or demand a bigger fee reduction. reported on the offer from and last month.

(Reporting by Foo Yun Chee; Editing by and Edmund Blair)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 16:38 IST