the European Commission proposed a revised Payments Services Directive
(PSD2) and submitted a proposal for regulation on interchange fees for
card-based payment transactions.
The payments, known as multilateral interchange fees or MIFs, are
charges during transactions between the merchant and buyer’s banks.
Member states can lower the charge ceiling if they wish.
The European Parliament voted to cap interchange fees at 0.2% of transaction value for debit cards and 0.3% for credit cards.
Member states have the discretion to exclude three party schemes in
certain circumstances - for example when they license others to issue
their cards - rather than making their inclusion compulsory.
Meanwhile, although the domestic interchange fee on debit cards is
capped at 0.2%, this may represent a weighted average, the annual
transaction value of all domestic debit card transactions, rather than a
cap on each individual transaction.
"This legislation, combined with the upcoming Payment Services
Directive, will establish a level playing field for payments across
Europe. It should enhance fee transparency, stimulate competition and
enable both retailers and users to choose the card schemes that offer
them the best terms,” said Spanish MEP Pablo Zalba Bidegain (European
People’s Party), who steered the proposal through Parliament with ease,
carrying the law by 621 votes to 26, with 29 abstentions.
Exemptions: Commercial cards and “three party” schemes
The new rules will not apply to so-called “three-party” card schemes
such as Diners and American Express (involving only one bank) provided
the card is both issued and processed within the same scheme. Commercial
cards used only to pay business expenses will also be exempt.
After three years, the rules will also apply to three-party card
schemes that licence other parties to issue cards and thus circumvent
the law by effectively operating as four-party ones.
The capping rules do not affect ATM cash withdrawals.
Positions:
Competition Commissioner Margrethe Vestager
said: "For too long, uncompetitive and hidden bank interchange fees
have increased costs of merchants and consumers.Today's vote has brought
us another step closer to putting an end to this. This legislation will
put a cap on interchange fees, make them more transparent and remove a
hurdle to rolling out innovative payment technologies. It is good for
consumers, good for business and good for innovation and growth in
Europe. As cards are the most widely used means of online payment, this
Regulation is also an important building block to complete the European
Digital Single Market."
Commissioner for Financial Stability, Financial Services and Capital Markets Union, Jonathan Hill said:
"I welcome this vote which will bring transparency and legal certainty
for the credit card market. It also paves the way for more innovation
and competition in the field of online and mobile payments. Crucially,
merchants will see the costs of payments fall, which should in turn
drive down prices for consumers."
“MasterCard trusts that this agreement will provide
the necessary legal certainty for all players. MasterCard looks forward
to working in partnership with the European institutions and other
stakeholders to continue building a world beyond cash for the benefit of
governments, business and Europeans everywhere,” the card company said
in a statement.
“At the same time, whilst efforts have been made by policy makers
towards ensuring equal treatment of all market players, we remain
concerned about the negative impact this may have on cardholders due to
the Regulation’s one-size-fits-all approach and by the possible
exclusion of some card schemes for another 3 years. We therefore
encourage all Member States to respect the principle of equal treatment
by ensuring that all schemes remain included in the Regulation’s scope,
in particular where flexibility is provided for,” the statement
concluded.
"I strongly welcome the capping of these fees, which could save
consumers and businesses at least €6 billion annually and help to
provide a vital level playing field across the European Union. For too
long, shoppers and businesses have had no choice but to accept opaque,
unreasonably high fees charged by banks and card providers," said Dutch
MEP Sophie In't Veld MEP, 1st Vice President of the ALDE Group and shadow rapporteur for the legislation.
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