Visa Europe Answers EU Pressure By Cutting Fees

Law360, New York (April 26, 2010, 4:01 PM EDT) -- Visa Europe Ltd. has pledged to cut the fees it charges on immediate debit card transactions, a decision that comes more than a year after Europe's competition watchdog warned the company that the fees violate EU rules.

Visa Europe will cap the maximum weighted average for its multilateral interchange fees at .2 percent for four years, the company said Monday. Visa Europe is Visa Inc.'s exclusive licensee on the continent.

The fees, known as MIFs, are collectively fixed by Visa Europe's member banks and are charged...
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