“BC Card plans to file a complaint against Visa with the Fair Trade Commission (FTC) over its unfair transaction activities by end-June,” an official at the South Korean card firm told Xinhua.
According to the official, Visa has recently imposed fines of a combined $100,000 on BC Card claiming that the local credit card firm did not process international transactions through the VisaNet payment system.
Visa has required international transactions to be processed only through its network, warning fines will be imposed on the partners disobeying the rules.
It was reported that Visa issued reminders to its partners and members worldwide against the processing of China UnionPay’s Visa-cobranded cards outside of China. CUP has reportedly fought back by not approving any new Visa co-branded card programs in China.
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