The EU favorable to lower costs of credit card payments

The EU favorable to lower costs of credit card payments

The European Commission proposed Wednesday, July 24, to cap the fees that banks charge each other when processing payments by credit card or debit card, hoping to widespread acceptance of this payment method.

These multilateral interchange fees (MIFs), paid by the merchant's bank to the buyer's when purchasing by credit card, are then passed on to the merchant, which in turn affect the price of its products and therefore the consumer, it also pay by card or cash. They are applied to the border but also domestic operations in countries such as Belgium and Italy.

ECONOMY 730 MILLION FOR THE CONSUMER

These fees would be limited to 0.2% of the transaction by debit card and 0.3% in the case of a credit card, then they can now reach 1.5%. The draft legislation also prohibits companies such as airlines impose a billing when benefits are paid to certain types of cards.

The EU executive believes that consumers will save 730 million euros per year. As for caps on interchange fees, they enable businesses to save 6 billion per year, says the Commission.

The cap will apply initially to cross-border transactions also involve front Twenty-two months later, those performed on the national territory with any type of card. The new grid could apply towards the end of next year, after negotiations with the European Parliament and the Member States of the European Union, which should be completed by March 2014.

"CAMPAIGN FOOLISH" MASTERCARD

Michel Barnier, European Commissioner, has for its part, indignant at the "insane campaign" against the initiative of the Commission and against himself by MasterCard, one of the operators that the cap will apply. This campaign "pretty amazing and unprecedented," according to the Commissioner, involved "advertorials, biased information, false information" and "God knows I see a lot of lobbying for two, three years," railed Barnier . But "contrary to what claimed this campaign," the Commission proposal will not result in additional costs for consumers, "on the contrary", said Mr Barnier.

MasterCard persisted Wednesday by saying in a statement "concerned" by capping interchange fees, which "in reality will cause nuisance and inconvenience to consumers and small businesses."

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