Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

EU antitrust body accepts Visa's concessions lowering card fees, ends competition probe

In this April 25, 2013 photo, visa logos are displayed in Baltimore. THE CANADIAN PRESS/AP, Patrick Semansky

Enlarge Image

In this April 25, 2013 photo, visa logos are displayed in Baltimore. THE CANADIAN PRESS/AP, Patrick Semansky

BRUSSELS - The European Union's antitrust authority is closing an investigation against Visa Europe after accepting the firm's offer to lower some card fees.

The EU Commission said Wednesday its concerns are sufficiently addressed by Visa's concession to cut inter-bank fees for credit card payments to 0.3 per cent of a transaction's value — a reduction of about 40 to 60 per cent.

The Commission, which acts as the 27-nation bloc's antitrust watchdog, says the company has also offered to reform its rules to facilitate competition across Europe by reducing cross-border fees between banks on credit and debit card payments.

The settlement with the EU Commission makes the concessions legally binding for Visa for five years. Violation could incur stiff fines.

Separately, the Commission continues its probe against Visa Inc. on international inter-bank fees.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Submit a Random Act of Kindness
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates