Visa: EU accepts commitments to ease competition concerns

(CercleFinance.com) - The European Commission said that it had accepted commitments by US credit card issuers Mastercard and Visa to cut their interchange fees after the executive arm of the EU expressed competition concerns.


The Commission has made the commitments offered by both companies legally binding, meaning that they will have to cut their multilateral interchange fees by around 40% for payments in Europe with credit cards issued elsewhere.

Commissioner Margrethe Vestager said that the decision will lead to lower prices for European retailers to do business, which will ultimately benefit consumers.

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