EU anti-trust officials stepped up Tuesday a long-running probe into Visa credit-card fees, fresh from a court victory over debit-card fees which the company agreed to cap. Visa charges retailers so-called multilateral interchange fees (MIFs), but the European Commission said it had sent a "supplementary statement of objections" -- opening a new chapter in a legal battle. A statement said the Commission's "preliminary view" that these fees amount to a restriction of competition between banks and an infringement of antitrust rules prohibiting cartels. The fees apply to all cross-border transactions in the European Union and other territories integrated into the single market, as well as domestic purchases in Belgium, Hungary, Ireland, Italy, Luxemburg, Malta, the Netherlands and Sweden. "Visa's MIFs harm competition between acquiring banks, inflate the cost of payment card acceptance for merchants and ultimately increase consumer prices," the statement said. In May, the EU won court backing for similar findings in a related case against MasterCard. Visa's credit and debit cards account for some two-fifths of all payment cards issued in Europe. The total value of spending in 2010 on cards in Europe was 1,800 billion euros, according to EU figures. Visa Europe offered commitments to cap its debit card MIFs at 0.20 percent, which the Commission made binding in December 2010.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor