The European Commission of processing payments by credit and debit cards Visa and Mastercard officially introduced the need to reduce interchange fees retailers in the Member State of the European Economic Area, as reported from Brussels. He stated that this measure will reduce the fees by about 40 percent.
Companies need to reduce these fees have already promised to tackle the decision of Brussels in January, but they will be aimed at it as double. They will have to cut interchange fees of retail trade in the Member State of the European Economic Area, which are charged when paying with cards issued outside the area.
"This measure, along with the decision of January regarding the MasterCard interchange fees led to a decline in European traders costs said European Commissioner for Competition Vestager.
Brussels January MasterCard will pay 570 million euros of penalties for anti-competitive. MasterCard rules prevent banks offer lower fees interchange retail trade in the Member State of the European Economic Area in which they Interchange fees can be higher.
Retailers are also able to benefit from lower charges in another place, and it may have been difficult to cross-border competition between banks, which constitute a violation of European antitrust rules and harm both consumers and merchants.
Mastercard and Visa have caused the commission considers the European Commission for many years. Consumers and retailers have actually complained that Visa and Mastercard with the & # 39 are paid, too. Visa fees decreased by 60 percent in 2013, and decided to reform its rules to stimulate cross-border competition.