Visa: E.U. Should Think Twice Before Scrapping Fees

Law360, New York (January 16, 2007, 12:00 AM EST) -- Eliminating interchange fees on credit cards transactions in Europe could spell the death of the European Union’s plans to create a convenient, cross-border payment system for companies and consumers, Visa Europe said Monday.

With the European Commission set to issue a report on competition in the credit card industry, Visa Europe President and CEO Peter Ayliffe told reporters Monday that the European Commission should not scrap interchange fees.

Currently, whenever a consumer uses a payment card, the retailer that accepts the card must pay a fee...
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