Visa Europe offers to cut debit card fees | Reuters


(Reuters) – Payment card company Visa Europe (V.N) offered on Monday to cut domestic transaction fees on debit cards by 60 percent to 0.2 percent in a move that could end European Commission antitrust proceedings in this area.

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“I welcome Visa Europe’s willingness to reduce multilateral interchange fees and to make its rules more transparent,” Competition Commissioner Joaquin Almunia said.

The reduction on cross-border fees would be 30 percent, Commission spokeswoman Amelia Torres told a news briefing.

The European Union executive said in a statement that after the usual internal procedures at the Commission, Visa Europe’s proposal would be market tested.

via Visa Europe offers to cut debit card fees | Reuters.

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