EU regulator accepts Visa Europe's credit fee cap offer

BRUSSELS Wed Feb 26, 2014 5:45am EST

BRUSSELS Feb 26 (Reuters) - Europe's antitrust regulator accepted on Wednesday Visa Europe's offer to cap its inter-bank credit card fees at 0.3 percent per transaction, the same level as rival MasterCard, as it ended an antitrust investigation into the company.

"The cap on inter-bank fees for Visa Europe's credit cards and the commitments ensuring cross-border competition are excellent news for European consumers, since the fees paid by retailers end up on their bills," EU Competition Commissioner Joaquin Almunia said in a statement.

Reuters reported on Feb. 14 that the European Commission would take up the offer from the world's largest card payments company, which is owned and operated by more than 3,000 European financial institutions.

The EU competition authority had told Visa Europe, the European licensee of Visa Inc, that its inter-bank credit card fees were anti-competitive.

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