BRUSSELS: Credit-card giant Visa has agreed to cut some of its inter-bank fees, by up to 60 percent, to meet EU anti-trust concerns, the European Commission said yesterday.
EU Competition Commissioner Joaquin Almunia said he welcomed Visa Europe’s plan to cut its fees to 0.3 percent of the value of the transaction, representing a reduction of about 40 to 60 percent.
The company also agreed to “reform its rules to facilitate cross-border competition,” a statement said.
The Commission will canvass market opinion on the proposals and “may then decide to make them legally binding on Visa Europe.”
Almunia said it was “excellent news that Visa decided to submit these commitment proposals in response to our objections. AFP
