Bank cards fees for European merchants and consumers have decreased over the past years thanks to the new EU rules, generating savings of up to €2 billion annually, according to a European Commission report published this week.
The European Commission will present this autumn a strategy on an integrated EU payments market, to facilitate the use of national payment services across Europe and reduce the dependency from international card operators such as Visa or Mastercard.
The European Commission’s proposals to limit transfer costs to non-euro members and currency conversions abroad were welcomed by consumer and transparency activists, although NGOs complained that it would not benefit migrants’ remittances.
Politicians left and right have begun calling for a ban on large-denomination banknotes and restrictions on cash payments as a means of fighting crime, money laundering and terrorism. Their argument is flawed, writes Guillaume Lepecq.
Brussels is frequently criticised for wasting time and resources, from banana bends to dim energy-saving lightbulbs. But, this past year, the EU adopted some legislation that benefitted German citizens. EURACTIV Germany reports.
More than half of high value retailers will not pass on savings from the proposed EU cap on interbank fees on card payments to their customers, and instead invest the money into their business, according to new research.
MasterCard commissioned Ipsos MORI to help it understand what the impact of being financially ‘excluded’ or ‘underserved’ is on people’s everyday lives. This study – both quantitative and qualitative – looked at the financially ‘excluded’ and ‘underserved’ across Europe.
MasterCard will make a final attempt to overturn an EU ban on cross-border card fees in a hearing at Europe's highest court next month, in a case with repercussions for the financial industry and global card payment systems.