News Summary: EU cracks down on card payment fees

News Summary: EU Commission proposes legislation limiting credit, debit card payment fees

Associated Press

CAP PROPOSED: The European Union is considering legislation to cap the fees paid by retailers to banks every time a customer pays with plastic.

BIG SAVINGS: The EU estimates the move would save retailers up to 6 billion euros ($7.9 billion) per year. The lobbying group for Europe's retailers said the caps should be even harsher. But MasterCard and Visa say the move could lead to higher card fees for consumers.

PROBE: Separately, the Commission is investigating whether some other fees charged by MasterCard and Visa violate antitrust rules. Cards bearing their logos have a combined market share of about 90 percent in the EU.

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