Finextra – 3/10/15: The European Parliament has voted overwhelmingly in favour of a bill to cap the interchange fees charged by card schemes for payments using credit and debit cards. The European Commission welcomed the outcome, estimating that the rules when implemented could lead to a reduction of about €6 billion annually in hidden fees for consumer cards. The Regulation, which will come into force in October, will cap interchange fees at 0.2% of the transaction value for consumer debit cards and at 0.3% for consumer credit cards. For consumer debit cards, it also gives flexibility to Member States to define lower percentage caps and impose maximum fee amounts. It additionally addresses licensing issues and other conditions that it says have restricted the freedom of choice of retailers.
Click here to read more: http://www.finextra.com/news/fullstory.aspx?newsitemid=27091

Subscribe to the comments for this post?

Share this on Facebook

Share this on LinkedIn

Email this to a friend?

Share this on del.icio.us

Add this to Google Reader

Share this on Technorati

Seed this on Newsvine

Share this on Blinklist

Share this on FriendFeed

Add this to Google Bookmarks

Post on Google Buzz

Post this to MySpace

Share this on Plaxo

Submit this story to Propeller

Add to a lense on Squidoo

Stumble upon something good? Share it on StumbleUpon

Share this on Tumblr

Buzz up!

Leave a Reply

Your email address will not be published.