EU to Accept Visa Europe Offer on Debit Interchange Cut
Dec. 6, 2010
Reports out of Brussels indicate that eurozone regulators are prepared to accept Visa Europe’s offer to cut interchange fees on its debit cards. If the European Commission accepts the deal as expected next month, it will abandon antitrust proceedings that could result in a fine to the payments network, according to reports. The EU initially charged Visa Europe with anticompetitive practices in 2009 and was expected to announce its decision in early December. Sources say the fee cuts agreed upon by Visa Europe and will result in a 30 to 60 percent cut in interchange fees assessed on debit transactions in EU nations.