PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

EU Moves on Visa Credit Cards Interchange

Mercator Advisory Group by Mercator Advisory Group
August 1, 2012
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

The European credit card industry is under further pressure as European Union auti-trust officials elevated their battle against the current credit card interchange. A “supplementary statement of objections” was sent to Visa as the latest step from the EU’s antitrust regulators on credit card interchange. EU officials said the mitilateral interchange fees (MITs) have hurt competition and increases prices:

“We believe at this stage that these fees are a restriction for competition, that Visa has also not convincingly proven that there are benefits for consumers that would offset these restrictions,” said Antoine Colombani, spokesman for competition commissioner Joaquín Almunia.

The new statement from the EU is expected to lead to negotiations between Visa and the antitrust regulators. An agreement between the two parties is possible in which Visa might agree to change at least some of its current practices in order to avoid fines and other further actions from the regulators:

Visa Europe said it regretted the commission’s decision.

“We are very disappointed that the commission has taken such a confrontational approach and was not willing to find a solution to support investment and innovation in European payments for the benefit of European consumers and to allow European payments to compete globally,” said Peter Ayliffe, the company’s chief executive.

Click here to read more from AFP.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix