Inter-regional interchange fees: the EU Commission accepts commitments by Mastercard and Visa

On April 29th, 2019, the European Commission announced that it has made the commitments offered by Mastercard and Visa legally binding. Therefore, the companies should significantly reduce (on average by around 40%) their multilateral interchange fees (MIF) for payments in the European Economic Area (EEA) with consumer cards issued elsewhere. Inter-regional interchange fees are MIFs…

THE COMMISSION ISSUES STATEMENT OF OBJECTIONS AGAINST MASTERCARD IN RELATION TO CARD PAYMENT COSTS

On 9 July 2015, following formal proceedings launched in April 2013, the European Commission issued a Statement of Objections against MasterCard in which it formulated competition concerns in relation to the costs of card payments in the EU. Under discussion are interchange fees paid by the retailer’s bank (the ‘acquiring bank’) to the bank of…