Tuesday, December 11, 2012
In 2010, Visa Europe agreed to cap debit card multilateral interchange fees (MIFs) at 20 percent to settle an antitrust complaint brought by retail trade association EuroCommerce. In July 2012, the EC denied Visa Europe's request to change the cap.
That same month, the EC informed Visa Europe its consumer credit and debit card MIFs may violate EU antitrust rules by restricting competition among banks. The EC also notified Visa Europe its MIF rules may be in violation of European antitrust rules prohibiting cartels and restrictive business practices.
In appealing the rejection of its cap request, Visa Europe is alleging the EC violated the EU's Charter of Fundamental Rights "by not providing Visa Europe with the opportunity to effectively make known its views on the relevant facts and on the Commission's objections."
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.