EU Bid to Limit Card Fees Poised to Win Nations’ Backing
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European Union nations are set to throw their weight behind plans to cap the fees banks can collect on Visa Europe Ltd. and MasterCard Inc. transactions, as the bloc seeks to reduce charges imposed on retailers.
Governments are poised to reach an agreement on a system of limits for so-called interchange fees on debit and credit-card payments, along with other conduct rules for card providers, according to an EU document obtained by Bloomberg News. While American Express Co., the biggest credit-card issuer by purchases, would escape the full force of the measures, it would have to comply with the fee caps when it works with other companies to issue cards.