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Commission welcomes European Parliament vote to cap interchange fees and improve competition for card-based payments

12/03/2015 | Economy | 

Source: European Commission Spokesperson's Service

The European Commission welcomes the adoption by the European Parliament of a Regulation capping interchange fees for payments using consumer debit and credit cards and improving competition for all card payments.

The Commission estimates that the rules when implemented could lead to a reduction of about 6 billion annually in hidden fees for consumer cards.

The "Regulation on Interchange Fees for Card-based Payment Transactions", which largely follows a Commission proposal from July 2013, will also give more freedom of choice to retailers, enhance transparency for card transactions, and pave the way for innovative payment technologies to be rolled out.

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