BRUSSELS (Reuters) – Visa Inc (N:) and Mastercard (N:) have proposed lowering the fees merchants face when they accept payments from non-EU credit cards in a bid to settle a long-running EU antitrust investigation, people familiar with the matter said on Thursday.
Even after the reduction, such fees which are paid by merchants when they accept card payments and are a lucrative source of revenue for banks, will still likely be higher than those for EU cards, they say.
Visa, the world’s largest payments network operator found itself in the European Commission’s crosshairs in August 2017, charged with subjecting the cards of foreign tourists to excessive fees when they used in the EU.
The Commission’s charge against Mastercard dated from July 2015.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.