European Parliament approves law on card transaction fees cap
The European Parliament adopted on Tuesday, March 10, a draft regulation proposed by the European Commission on capping interchange fees for card transactions.
The measure should generate annual savings of almost EUR 6 billion for retailers and EUR 730 million for consumers, according to estimates, reports local Mediafax.
The regulation, which also needs the European Council’s approval, received 621 votes for and 26 votes against.
The document orders that fees banks charge for card transactions should be limited to 0.2% of the transaction value for debit cards and to 0.3% for credit cards.
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