Visa Europe Gets EU Antitrust Complaint on Credit-Card Fees
Source: Bloomberg News
Visa Europe Ltd., operator of the European Unions largest payment-card network, was sent an antitrust complaint from EU regulators over the fees it charges to process cross-border credit-card payments.
Visa Europes so-called multilateral interchange fees harm competition between acquiring banks, inflate the cost of payment card acceptance for merchants and ultimately increase consumer prices, the European Commission said in an e-mailed statement today.
Card fees paid by retailers are too high and there isnt any sign that theyve decreased since 2006, the EUs competition commissioner Joaquin Almunia said in May. Regulators last year settled an earlier probe into Visa Europes fees for debit-card payments made outside a users home country.
>
Visa Europe can defend itself in writing or seek an oral hearing before EU regulators take a decision on fines that can amount to 10 percent of yearly sales. Visa Europe split from Visa Inc. (V) before the U.S. card companys initial public offering in early 2008.
Read more: http://www.bloomberg.com/news/2012-07-31/visa-europe-gets-eu-antitrust-complaint-on-credit-card-fees.html
10 percent of yearly sales sounds like a lot of Mars Bars to me - loadsa dough..