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April 29, 2019Blog Posts

Mastercard and Visa to slash inter-regional fees for tourist cards in EU

Finextra

Mastercard and Visa have agreed to cut interchange fees for payments made in Europe by cards issued elsewhere by an average of 40% following an EU anti-trust investigation.

The two payment card schemes were berated by the EU’s competition watchdog for applying higher inter-regional interchange fees for European retailers accepting payments from cards issued outside the EEA, which it claimed increased prices for consumer goods and services across the region.

The Commission is the first competition authority in the world to intervene on inter-regional charging structures.

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