The European Commission’s decade-long batter to reduce the fees EU merchants pay on visa and Mastercard payments by tourists could soon end in victory. Visa and Mastercard have reportedly offered to trim the fees.
However, it remains to be seen whether the cuts are substantial. According to sources, even after the fee will likely remain higher than those for EU cards.
As reported by the Reuters news agency, retailers say interchange fees count as a hidden cost and the card companies have paid billions of dollars to settle class action lawsuits.
According to Reuters, the Commission is expected to seek feedback from retailers and consumer groups before deciding whether to accept the offer from Visa and Mastercard. Negative comments could lead it to demand a bigger fee cut.
