Visa Cuts Card Fees To Soothe EU Competition Worries

Law360, New York (May 14, 2013, 5:03 PM EDT) -- Visa Europe has agreed to cap certain interbank fees on consumer credit card payments and allow merchants to shop for lower rates across borders in a move aimed at resolving a long-running European Commission antitrust probe, the EC said Tuesday.

The EC said Visa Inc.’s European licensee proposed to cut its interbank fees — bank-to-bank charges paid from a merchant’s bank to a card-issuing bank when a purchase is processed — to 0.3 percent of the transaction’s value, the same rate offered by MasterCard Inc. in...
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