The French finance minister has announced plans to abolish the fixed rate commission
French Ministers scrap minimum card payment limit
that banks charge one another to process card payments – currently in place regardless of the customer’s transaction amount. Going forward, just the variable commission, which is based on a percentage of the purchase value, will stay.
As it stands, the presence of the commission fee convinces many retailers not to accept cards for lower value transactions. In fact, many even apply a €15 spending limits before a card can be used – frustrating consumers who do not carry much cash.
Mr. Sapin commented: “I don’t want there to be any obstacles any more to paying by card. We will pass a law.”
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