Payment cards: cutting fees will benefit banks as well as consumers, says lead MEP Pablo Zalba Bidegain

http://www.vieuws.eu/financial-competition/payment-cards-cutting-fees-will-benefit-banks-as-well-as-consumers-says-lead-mep-pablo-zalba/

player.vimeo.com/video/89487150?autoplay=1 

 
In an exclusive interview with viEUws, MEP Pablo Zalba Bidegain, rapporteur of a bill to cap interchange fees on payment cards, speaks about his plans for the legislation with MLex correspondent John Rega. 

In the interview, Zalba says that the measure will introduce transparency, to the benefit of banks as well as consumers and shop owners. He also argues, that capping fees will encourage the use of cards over cash. To broaden consumer protections, the rules should cover a wider sample of cards than originally proposed. Fee levels vary greatly around the European Union and need to be harmonized in the Single Market, he says. Zalba further argues that a European Commission study shows that the levels proposed are the right ones, in line with MasterCard’s and Visa Europe’s agreements with authorities. If treated as a priority, the measure could still be worked out with the Council of Ministers to send a signal to voters before European elections, Zalba concludes.