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Fees for using credit or debit cards will be capped, according to a European Commission proposal, made on July 24.
Charges paid by the seller's bank to the buyer's bank would be limited to 0.2 per cent of a debit card transaction and to 0.3 per cent for a credit card. Currently charges can run as high as 1.5 per cent. The proposal bans companies, such as airlines, from adding additional fees for payments made with certain types of cards.
Thanks to these measures, which will apply to providers including Visa and MasterCard, "clients and businesses could save millions," says Luxembourg daily Luxemburger Wort. Negotiations between Brussels and the banking sector could last one to two years, the paper adds.
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