Memo: Antitrust: Vice President Almunia welcomes Visa Europe’s proposal to cut inter-bank fees for credit cards

Vice President Almunia welcomes Visa Europe's proposed commitments to significantly cut its inter-bank fees for credit card payments, to a level of 0.3% of the value of the transaction (a reduction of about 40 to 60%) and to reform its rules in order to facilitate cross-border competition. The proposals by Visa follow the sending of a supplementary statement of objections by the Commission in July 2012. The Commission will seek feedback on these proposals from interested parties through a market test. The Commission may then decide to make them legally binding on Visa Europe.

ESO: Background Information: Antitrust: Commission sends supplementary statement of objections to Visa http://www.europeansources.info/record/press-release-antitrust-commission-sends-supplementary-statement-of-objections-to-visa/

EurActiv, 15.05.13: Visa Europe agrees to cap inter-bank fee http://www.euractiv.com/euro-finance/commission-accepts-visa-inter-ba-news-519731

---