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European Parliament driving down fees of card payments

European Parliament driving down fees of card payments

The European Parliament is to support the cap on costs of all credit and debit cards at reasonable levels across Europe but is allowing member states to set even lower caps.

The European Parliament has adopted the ECON committee reports on the multilateral interchange fee (MIF) Regulation and the Payment Services Directive (PSD II).

In reaction to the positive vote in plenary, Christian Verschueren, Director-General of EuroCommerce, said: “We have been battling against excessive card fees for many years and this is a great result. We are especially pleased at the Parliament’s inclusion of commercial cards in the caps, the earlier implementation date at domestic level and the removal of the ‘honour all cards rule’.”

The legislation will now go to the European Council and will also have to be ratified at second reading in the new EP after the May elections. The retail sector very much hopes that the version of the text voted today in Plenary will be maintained.

They will call on the Council, and in particular the upcoming Italian Presidency, to take up the dossier as a matter of urgency. The reforms in this regulation, together with the PSD II are essential for the future development and competitiveness of the payments sector in Europe, they say.

Mr Verschueren added: “Of course, this is just the first step: we have a long way to go yet. But we trust today’s vote will send a strong message to the member states in Council and to all returning and new MEPs in the next Parliament that Europe needs forward-looking legislation which will encourage competition and innovation, bringing great benefits to Europe’s merchants and consumers.”

The post European Parliament driving down fees of card payments appeared first on Payments Cards & Mobile.

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