Central Banking

MEPs strike deal to cap card payment fees

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Three-party schemes will not be subject to the cap

Negotiators for the European Parliament and European Council yesterday struck a deal that would impose a cap on fees charged by banks to merchants for processing retail payments.

The cap would apply throughout the European Union for both domestic and cross-border credit and debit card payments. Banks will be able to charge a maximum of 0.2% of the transaction value for debit cards and 0.3% for credit cards.

The parliament highlighted a number of issues with the current set-up, particularly that

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