The European Union has accepted an offer by Visa and Mastercard to cut fees on p...
FILE PHOTO: Mastercard Inc. credit cards are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier
The European Commission, which has waged a decades-long crackdown on payment and credit card fees, says that so-called interchange fees in which the merchant’s bank pays a charge to the cardholder’s bank, result in higher prices for consumers. “This, together with our January 2019 decision on Mastercard’s cross-border card payment services, will lead to lower prices for European retailers to do business, ultimately to the benefit of all consumers,” Europe’s antitrust chief Margrethe Vestager said in a statement.
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