EU to lower interchange fees

EU ambassadors agreed with the European Parliament (EP) to proceed on new regulations regarding lowering interchange fees imposed on electronic card transactions, Puls Biznesu daily reported. Rules of imposing the fees are different in each European country and this causes barriers for trade, “the limitation will lower the costs sellers and consumers have been paying and will help to rebuild the EU market,” the press release cited in the daily stated. Regarding international transactions, debit cards are to be charged with 0.2 percent of the value. In case of domestic transactions, interchange fee is to reach 0.2 percent of the weighted average of the value of all the electronic card transactions made within a year. Transactions made with credit cards are to be charged with 0.3 percent of the value, the daily informed. The new law has to be confirmed by the EP and the EU Council.