X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

In what could be seen as a harbinger of events in the U.S., Visa Europe has been charged with anticompetitive behavior by European Union regulators after the card brand declined to cut its interchange fees as deeply in Europe as rival MasterCard has.The company’s fee guidelines prevent competition among Visa-issuing banks and drive up the costs for stores accepting credit cards, the European Commission said in a statement.Five days after settling with MasterCard, Competition Commissioner Neelie Kroes is seeking further fee reductions on the $2.1 trillion of annual card payments in the 27-nation bloc. Visa Europe, operator of the largest card network in the region, argued its system benefits consumers.The European Retail Round Table, an advocacy group for merchants including Wal-Mart Stores Inc. and Carrefour SA, has complained that the fee at issue raises costs by 13.5 billion euros a year.Visa Europe separated from Visa Inc. before the U.S. card company’s initial public offering about a year ago. The London-based company, which is owned by its member banks, has sought an agreement with the commission on interchange since a previous settlement expired at the end of 2007, according to the company.–[email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.