Commission and Visa Europe agree on transaction fees cap

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The European Commission rendered on Wednesday legally binding the commitments offered by Visa Europe to significantly cut its  interchange fees for credit card payments and to reform its rules in order to facilitate cross-border competition.

“The cap on inter-bank fees for Visa Europe’s credit cards and the commitments ensuring cross-border competition are excellent news for European consumers, since the fees paid by retailers end up on their bills. Today’s decision adds to what has already been achieved through the Commission’s antitrust investigations concerning inter-bank fees.” EU Competition Commissioner Joaquin Almunia said.

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