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

Reuters  |  BRUSSELS 

By Foo Yun CheeBRUSSELS (Reuters) - Visa and Mastercard 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 European Commission against such fees.The EU competition enforcer said interchange fees in which the merchant's bank pays a charge to the cardholder's bank 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 player Mastercard have proposed a 0.2 percent fee on ...

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