The fees that banks charge for processing
consumers’ payments in the EU could be capped at 0.3% of the transaction
value for credit card transactions and at a maximum of seven euro cents
for debit cards, under a proposal being voted on by MEPs on Thursday 3
April. Pablo Zalba, a Spanish member of the EPP group, who is
responsible for steering the plans through Parliament, told us more
about the benefits.
How will consumers benefit from these proposals?
Consumers will benefit in two main ways: we will impose a
cap on these interchange fees, so they will save hundreds of millions
or even billions of euros; and we will introduce more transparency, so
they know when paying how much corresponds to these fees. An additional
advantage of this proposal is that it will help to combat fraud, because
when card use increases, fraud becomes more difficult.
Are financial institutions charging artificially
high interchange fees to consumers as telecom operators charge for
roaming abroad?
It's not up to me to say if these fees are artificially
high or not. The truth is that there has not been much competition in
this market so far, and we know what happens in these cases. What I can
say is that once this legislation comes into force, people will pay
less. And as card payments increase in the medium and long term,
financial institutions will receive more income.
Which EU countries have the cheapest and the most expensive interchange fees?
Eastern consumers are the ones paying higher fees due to
lower card penetration. Nordic and Dutch consumers are paying lower
fees.
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