Interchange fee

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An interchange fee is a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank").

Contents

In a credit card or debit card transaction, the card-issuing bank in a payment transaction deducts the interchange fee from the amount it pays the acquiring bank that handles a credit or debit card transaction for a merchant. The acquiring bank then pays the merchant the amount of the transaction minus both the interchange fee and an additional, usually smaller, fee for the acquiring bank or independent sales organization (ISO), which is often referred to as a discount rate, an add-on rate, or passthru. For cash withdrawal transactions at ATMs, however, the fees are paid by the card-issuing bank to the acquiring bank (for the maintenance of the machine).

Terminals for swiping credit cards, and origin of the term "swipe fee" TPE Ingenico Elite 510.jpg
Terminals for swiping credit cards, and origin of the term "swipe fee"

Overview

These fees are set by the credit card networks, [1] and are the largest component of the various fees that most merchants pay for the privilege of accepting credit cards, representing 70% to 90% of these fees by some estimates, although larger merchants typically pay less as a percentage. Interchange fees have a complex pricing structure, which is based on the card brand, regions or jurisdictions, the type of credit or debit card, the type and size of the accepting merchant, and the type of transaction (e.g. online, in-store, phone order, whether the card is present for the transaction, etc.). Further complicating the rate schedules, interchange fees are typically a flat fee plus a percentage of the total purchase price (including taxes). In the United States, the fee averages approximately 2% of transaction value. [2] In the EU, interchange fees are capped to 0.3% of the transaction for credit cards and to 0.2% for debit cards, while there is no cap for corporate cards. [3]

In the US, card issuers now make over $30 billion annually from interchange fees. Interchange fees collected by Visa [4] and MasterCard [5] totaled $26 billion in 2004. In 2005 the number was $30.7 billion, and the increase totals 85 percent compared to 2001.

Merchant fee

This payment can fund various rewards and discount, [6] some of which began in the early 1980s, at which time the matter of whether cash and credit prices were to be forced by law to give an advantage to those paying cash. [7]

Image from a GAO report explaining how the interchange fee works. GAO report on Interchange fees.jpg
Image from a GAO report explaining how the interchange fee works.

Interchange fees are set by the payment networks such as Visa and MasterCard.

History

The first charge card was issued in 1914 by Western Union. [8] [9] The origins of the interchange fee are a matter of some controversy. Often they are assumed to have been developed to maintain and attract a proper mix of issuers and acquirers to bank networks. Research by Professor Adam Levitin of Georgetown University Law Center, however, indicates that interchange fees were originally designed as a method for banks to avoid usury and Truth-in-Lending laws. [10] Typically, the bulk of the fee goes to the issuing bank. Issuing banks’ interchange fees are extracted from the amount collected by the merchants when they submit credit or debit transactions for payment through their acquiring banks. Banks do not expect to make a significant amount of money from late fees and interest charges from creditworthy customers (who pay in full every month), and instead make their profits on the interchange fee charged to merchants. [11]

Situations when, for cash transactions, the interchange fee is paid from the issuer to the acquirer, are often called reverse interchange. [12]

Interchange rates are established at differing levels for a variety of reasons. For example, a premium credit card that offers rewards generally will have a higher interchange rate than do standard cards. [13] Transactions made with credit cards generally have higher rates than those with signature debit cards, whose rates are in turn typically higher than PIN debit card transactions. Sales that are not conducted in person (also known as card-not-present transactions) such as by phone or on the Internet, generally are subject to higher interchange rates, than are transactions on cards presented in person. This is due to the increasing risk and rates of fraudulent transactions. It is important to note that interchange is an industry standard that all merchants are subject to. It is set to encourage issuance and to attract issuing banks to issue a particular brand. Higher interchange is often a tool for schemes to encourage issuance of their particular brand. [14] A 2022-proposed change in Interchange fees, by encouraging use of multiple card networks, was criticized as likely to reduce fraud detection. [15]

For one example of how interchange functions, imagine a consumer making a $100 purchase with a credit card. For that $100 item, the retailer would get approximately $98. The remaining $2, known as the merchant discount [16] and fees, gets divided up. About $1.75 would go to the card issuing bank (defined as interchange), $0.18 would go to Visa or MasterCard association (defined as assessments), and the remaining $0.07 would go to the retailer's merchant account provider. If a credit card displays a Visa logo, Visa will get the $0.18, likewise with MasterCard. Visa's and MasterCard's assessments are fixed at 0.1100% of the transaction value, with MasterCard's assessment increased to 0.1300% of the transaction value for consumer and business credit volume on transactions of $1,000 or greater. On average the interchange rates in the US are 179 basis points (1.79%, 1 basis point is 1/100 of a percentage) and vary widely across countries. In April 2007 Visa announced it would raise its rate .6% to 1.77%. [17] [18]

According to a January 2007 poll by Harris interactive, only about a third of the public had heard of interchange fees; once explained to them, 90% said that the United States Congress "should compel credit card companies to better inform consumers" about the fee. [19]

Controversy

Who pays

In recent years, interchange fees have become a controversial issue, [20] the subject of regulatory and antitrust investigations. Many large merchants such as Wal-Mart have the ability to negotiate fee prices, [21] and while some merchants prefer cash or PIN-based debit cards, most believe they cannot realistically refuse to accept the major card network–branded cards. This holds true even when their interchange-driven fees exceed their profit margins. [22] Some countries, such as Australia, have established significantly lower interchange fees, although according to a U.S. Government Accountability Office study, the savings enjoyed by merchants were not passed along to consumers. [23] The fees are also the subject of several ongoing lawsuits in the United States.

Price-fixing

Regulators in several countries have questioned the collective determination of interchange rates and fees as potential examples of price-fixing. Merchant groups in particular, including the U.S.-based Merchants Payments Coalition and Merchant Bill of Rights, also claim that interchange fees are much higher than necessary, [24] pointing to the fact that even though technology and efficiency have improved, interchange fees have more than doubled in the last 10 years.[ when? ] Issuing banks argue that reduced interchange fees would result in increased costs for cardholders, and reduce their ability to satisfy rewards on cards already issued.

Consumer welfare

A 2010 public policy study conducted by the Federal Reserve concluded the reward program aspect of interchange fees results in a non-trivial monetary transfer from low-income to high-income households. Reducing merchant fees and card rewards would likely increase consumer welfare. [25]

The Merchants Payments Coalition is fighting for a more competitive and transparent card fee system that better serves American consumers and merchants alike. [26] Because swipe fees are hidden, consumers are unable to weigh the benefits and costs associated with choosing a particular form of payment. Eliminating hidden swipe fees is advocated as a means to realize an open market system for electronic payments. [27]

By region

United States

Payment Card Interchange Fee and Merchant Discount Antitrust Litigation

The Payment Card Interchange Fee and Merchant Discount Antitrust Litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, MasterCard, and numerous financial institutions that issue payment cards. The suit was filed due to price fixing and other allegedly anti-competitive trade practices in the credit card industry. A proposed settlement received preliminary approval from the judge overseeing the case in November 2012 but the majority of named class plaintiffs have objected and many have vowed to opt out of the settlement.

In December 2013, U.S. District Court Judge John Gleeson approved a settlement for $7.25 billion. [28] The settlement reduces interchange fees for merchants and also protects credit card companies from lawsuits over the issue in the future again. [29]

Legislation and Congressional investigations

Senate hearings in the United States have focused on the secrecy surrounding interchange fee schedules and card operating rules. In 2006 Visa and MasterCard both released some fee schedules and summary reports of their card rules, though pressure continues for them to release the full documents. In January 2007, Senate Banking committee chairman Chris Dodd cited interchange fees at a hearing on credit card industry practices and again in March the fees were criticized by Sen. Norm Coleman. [30] In January 2007, Microsoft chairman Bill Gates cited high interchange fees as a significant reason Microsoft believes it can't be competitive in online micropayments.

In March 2007, MasterCard announced it was changing its rate structure, splitting the lower, "basic" tier for credit cards into two new tiers. The Wall Street Journal reported [31] that the document outlining the shift "makes it difficult to determine if the new rates, on average, are rising." MasterCard spokesman Joshua Peirez said the new structure "allows us to have a more sophisticated way to break up our credit card portfolio," while National Retail Federation general counsel Mallory Duncan said, "They are pricing each tier at the absolute most they can so they can maximize their income."

On July 19, 2007 the House Judiciary Committee antitrust task force held the first hearing to study the specific issue of interchange fees. NRF's Duncan testified, as did representatives from the credit card industry. Subcommittee chairman John Conyers, leading the panel, said, "While I come into the hearing with an open mind, I do believe the burden of the proof lies with the credit card companies to reassure Congress that increasing interchange fees are not harming merchants and ultimately consumers." [32]

On October 1, 2010, the Durbin Amendment came into effect as a last minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. As a result, banks have begun to limit the incentives offered with their checking account products, and some have announced that they would begin to charge their customers a fee for the use of the cards. [33]

In the same month, Visa and MasterCard reached a settlement with the U.S. Justice Department in an antitrust case focused on the issue of competitiveness in the interchange market. The companies agreed to allow merchants displaying their logos to decline certain types of cards, or to offer consumers discounts for using cheaper cards. [34]

European Union

In 2002 the European Commission exempted Visa's multilateral interchange fees from Article 81 of the EC Treaty that prohibits anti-competitive arrangements. [35] However, this exemption expired on December 31, 2007. In the United Kingdom, MasterCard has reduced its interchange fees while it is under investigation by the Office of Fair Trading.

In January 2007, the European Commission issued the results of a two-year inquiry into the retail banking sector. The report focuses on payment cards and interchange fees. Upon publishing the report, Commissioner Neelie Kroes said the "present level of interchange fees in many of the schemes we have examined does not seem justified." The report called for further study of the issue. [36]

On December 19, 2007, the European Commission issued a decision prohibiting MasterCard's multilateral interchange fee for cross-border payment card transactions with MasterCard and Maestro branded debit and consumer credit cards. The Commission concluded that this fee violated Article 81 of the EC Treaty that prohibits anti-competitive agreements. [37] MasterCard has appealed the Commission's decision before the EU Court of First Instance; while the appeal is pending MasterCard has temporarily repealed its multilateral interchange fees.

On March 26, 2008, the European Commission opened an investigation into Visa's multilateral interchange fees for cross-border transactions within the EEA as well as into the "Honor All Cards" rule (under which merchants are required to accept all valid Visa-branded cards). [38]

The antitrust authorities of EU member states other than the United Kingdom are also investigating MasterCard's and Visa's interchange fees. For example, on January 4, 2007, the Polish Office of Competition and Consumer Protection fined twenty banks a total of PLN 164 million (about $56 million) for jointly setting MasterCard's and Visa's interchange fees. [39]

In March 2015, the European Parliament voted to cap interchange fees to 0.3% for credit cards and to 0.2% for debit cards, [3] which was subsequently enacted under Regulation (EU) 2015/751 with effect from 8 June 2015. [40] The caps apply only to personal cards where there is an intermediary, not to cards issued to businesses or to cards issued by American Express. [41]

Australia and New Zealand

In 2003, the Reserve Bank of Australia required that interchange fees be dramatically reduced, from about 0.95% of the transaction to approximately 0.5%.[ citation needed ] One notable result has been the reduced use of reward cards and increased use of debit cards. Australia also removed the "no surcharge" rule, a policy established by credit card networks like Visa and MasterCard to prevent merchants from charging a credit card usage fee to the cardholder. A surcharge would mitigate or even exceed the merchant discount paid by a merchant, but would also make the cardholder more reluctant to use the card as the method of payment. Australia has also made changes to the interchange rates on debit cards, and has considered abolishing interchange fees altogether. In February 2016 the Competition and Consumer Amendment (Payment Surcharges) Act 2016 became law. [42]

In 2006, the New Zealand Commerce Commission issued proceedings against Visa and MasterCard, alleging that interchange fees constitute price fixing and result in a substantial lessening of competition. [43] Shortly before the court case was due to start in Autumn 2009, the suit was settled out of court; the "no surcharge rule" was prohibited, allowing retailers to pass on the cost of MasterCard and Visa transactions to the customer, and card issuers were allowed to set their own interchange fees, within a maximum limit set by Visa or MasterCard. [44] All issuers of MasterCard cards in New Zealand announced they would be charging the maximum rate. [45] The Commission released a report in 2013 reviewing the outcome of the settlement, showing that many merchants were paying higher fees for accepting credit cards than before the settlement. [46] In 2020, the New Zealand Government announced plans to regulate the bank payment system to lower merchant service fees on debit and credit card fees, to bring them further into line with those in other countries, in particular Australia. [47]

Related Research Articles

<span class="mw-page-title-main">Debit card</span> Card used for financial transactions, usually without a credit line

A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back. Many new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. Debit cards are similar to a credit card, but the money for the purchase must be in the cardholder's bank account at the time of the purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.

<span class="mw-page-title-main">EFTPOS</span> Type of Electronic Funds Transfer system

Electronic Funds Transfer at Point Of Sale, abbreviated as EFTPOS, is the technical term referring to a type of payment transaction where electronic funds transfers (EFT) are processed at a point of sale (POS) system or payment terminal usually via payment methods such as payment cards. EFTPOS technology was developed during the 1980s.

<span class="mw-page-title-main">Visa Inc.</span> American multinational financial services corporation

Visa Inc. is an American multinational payment card services corporation headquartered in San Francisco, California. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards.

<span class="mw-page-title-main">Charge card</span> Credit card which must be paid in full

A charge card is a type of credit card that enables the cardholder to make purchases which are paid for by the card issuer, to whom the cardholder becomes indebted. The cardholder is obliged to repay the debt to the card issuer in full by the due date, usually on a monthly basis, or be subject to late fees and restrictions on further card use. Charge cards are distinct from traditional credit cards, which are revolving credit instruments that do not need to be paid in full every month and a balance may be carried over, on which interest is paid. Charge cards are typically issued without spending limits, whereas credit cards usually have a specified credit limit that the cardholder may not exceed. Most charge cards are held by businesses, corporations or executives thereof, and are issued to customers with a good or excellent credit score.

<span class="mw-page-title-main">Mastercard</span> American multinational financial services corporation

Mastercard Inc., stylized as MasterCard from 1979 to 2016 and as mastercard from 2016 to 2019, is an American multinational payment card services corporation headquartered in Purchase, New York, USA. It offers a range of payment transaction processing and other related-payment services. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the Mastercard-brand debit, credit and prepaid cards to make purchases. Mastercard has been publicly traded since 2006.

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<span class="mw-page-title-main">Dynamic currency conversion</span> Foreign exchange process

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A chargeback is a return of money to a payer of a transaction, especially a credit card transaction. Most commonly the payer is a consumer. The chargeback reverses a money transfer from the consumer's bank account, line of credit, or credit card. The chargeback is ordered by the bank that issued the consumer's payment card. In the distribution industry, a chargeback occurs when the supplier sells a product at a higher price to the distributor than the price they have set with the end user. The distributor submits a chargeback to the supplier so they can recover the money lost in the transaction.

A merchant account is a type of bank account that allows a seller, known as the merchant, to accept payments by debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, payment service provider, independent sales organization (ISO), or member service provider (MSP) is also a party to the merchant agreement and can act as middle man between the merchant and the bank.

<span class="mw-page-title-main">Payment card</span> Card issued by a financial institution that can be used to make a payment

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An acquiring bank is a bank or financial institution that processes credit or debit card payments on behalf of a merchant. The acquirer allows merchants to accept credit card payments from the card-issuing banks within a card association, such as Visa, MasterCard, Discover, China UnionPay, American Express.

<span class="mw-page-title-main">Dankort</span>

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Discover Financial Services, Inc. is an American financial services company that owns and operates Discover Bank, an online bank that offers checking and savings accounts, personal loans, home equity loans, student loans and credit cards. It also owns and operates the Discover and Pulse networks, and owns Diners Club International. Discover Card is the third largest credit card brand in the United States, when measured by cards in force, with nearly 50 million cardholders. Discover is currently headquartered in the Chicago suburb of Riverwoods, Illinois.

<span class="mw-page-title-main">Credit card</span> Card for financial transactions on credit

A credit card is a payment card, usually issued by a bank, allowing its users to purchase goods or services, or withdraw cash, on credit. Using the card thus accrues debt that has to be repaid later. Credit cards are one of the most widely used forms of payment across the world.

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<span class="mw-page-title-main">Surcharge (payment systems)</span>

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The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade practices in the credit card industry. In February 2019, U.S. District Court Judge Margo K. Brodie approved a settlement in the case that amounted to $5.54 billion. After four more years of litigation, in March 2023, the Court of Appeals for the Second Circuit affirmed the District Court’s final approval order, with a modification reducing service awards, and allowing the claims process to move forward.

The Durbin amendment, implemented by Regulation II, is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve to limit fees charged to retailers for debit card processing. It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by Dick Durbin, a senator from Illinois, after whom the amendment is named.

Apple Pay is a mobile payment service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web. Supported on iPhone, Apple Watch, iPad, Mac, and Vision Pro, Apple Pay digitizes and can replace a credit or debit card chip and PIN transaction at a contactless-capable point-of-sale terminal. It does not require Apple Pay–specific contactless payment terminals; it can work with any merchant that accepts contactless payments. It adds two-factor authentication via Touch ID, Face ID, Optic ID, PIN, or passcode. Devices wirelessly communicate with point of sale systems using near field communication (NFC), with an embedded secure element (eSE) to securely store payment data and perform cryptographic functions, and Apple's Touch ID and Face ID for biometric authentication.

Card transaction data is financial data generally collected through the transfer of funds between a card holder's account and a business's account. It consists of the use of either a debit card or a credit card to generate data on the transfer for the purchase of goods or services. Transaction data describes an action composed of events in which master data participates. Transaction focuses on the price, discount and method of payment interaction between the customer and the organization. They are based on volatility as each transaction data changes every time a purchase is made, one time it could be $10, the next $55. Since debit and credit cards are commonly used to pay for goods and services, they represent a strong percentage of the consumption expenditure in the country.

References

  1. ↑ "United States Securities and Exchange Commission FORM S-1", November 9, 2007.
  2. ↑ Martin, Andrew (January 4, 2010). "How Visa, Using Card Fees, Dominates a Market". The New York Times . Retrieved January 6, 2010. The fees, roughly 1 to 3 percent of each purchase, are forwarded to the cardholder's bank to cover costs and promote the issuance of more Visa cards.
  3. 1 2 "Commission welcomes European Parliament vote to cap interchange fees and improve competition for card-based payments" (Press release). European Commission. March 10, 2015. Retrieved April 29, 2015.
  4. ↑ "Visa U.S.A. Inc. Interchange Reimbursement Fees - Visa USA". Archived from the original on January 17, 2015. Retrieved May 27, 2015.
  5. ↑ "MasterCard Interchange Rates & Fees - MasterCard" . Retrieved May 27, 2015.
  6. ↑ Ron Lieber (May 22, 2010). "How the Finance Bill Affects Consumers". The New York Times. Retrieved August 15, 2022.
  7. ↑ Karen de Witt (March 9, 1981). "Senate to Consider Credit Card Fees". The New York Times. Retrieved August 15, 2022.
  8. ↑ "Charge card: What it means", encyclopedia.com
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  11. ↑ The World's Most Exclusive Credit Cards Forbes, July 3, 2007.
  12. ↑ Adam J. Levitin (December 18, 2010), "Interchange Regulation: Implications for Credit Unions", SSRN , SSRN   1726206 , retrieved August 15, 2022
  13. ↑ "Interchange Plus Pricing?". Helcim. Retrieved August 9, 2016.
  14. ↑ "What is Interchange-Plus Pricing?". Credit Card Processing Space. February 13, 2013. Retrieved May 27, 2015.
  15. ↑ Evan Schuman (August 26, 2022). "Planned 'fixes' for credit-card interchange fees will actually make fraud easier". Computerworld . Retrieved August 31, 2022.
  16. ↑ Merchant account
  17. ↑ Taylor Tepper (March 11, 2019). "The Credit Card Rewards Game Is Unfair, But Is It Unethical". The New York Times . Retrieved August 30, 2022.
  18. ↑ "Visa Hikes Overall Interchange 0.6%, Effective April 14", Digital Transactions, April 12, 2007, retrieved May 22, 2007
  19. ↑ Hennessy-Fiske, Molly (April 2, 2007). "Card issuers, retailers at odds". Los Angeles Times . Archived from the original on December 11, 2008. Retrieved July 9, 2018.
  20. ↑ Damon Darlin (March 4, 2006). "Tax Bills and Plastic Don't Mix". The New York Times . Retrieved August 15, 2022.
  21. ↑ The Interchange Debate: Issues and Economics Archived 2008-03-22 at the Wayback Machine James Lyon, Jan. 19, 2006.
  22. ↑ "A Puzzle of Card Payment Pricing: Why Are Merchants Still Accepting Card Payments?" Fumiko Hayashi, March 2006.
  23. ↑ "Rising Interchange Fees Have Increased Costs for Merchants, but Options for Reducing Fees Pose Challenges", U.S. Government Accountability Office, November 2009
  24. ↑ Merchants, pay attention to rising credit-card fees Indianapolis Star, May 22, 2007. Retrieved May 22, 2007.(subscription required)
  25. ↑ Who Gains and Who Loses from Credit Card Payments? Federal Reserve Bank of Boston, August 31, 2010
  26. ↑ [how?]
  27. ↑ Merchant Payment Coalition About Us Retrieved June 6, 2015
  28. ↑ (2013-12-17). "Court approves controversial interchange fee settlement" Archived 2014-01-16 at the Wayback Machine . Bank Credit News. Retrieved 2014-01-14.
  29. ↑ (2014-01-10). "EPC: NRF appeal of interchange settlement a “political ploy” Archived 2014-01-16 at the Wayback Machine . Bank Credit News. Retrieved 2014-01-14.
  30. ↑ Sen. Coleman statement Archived 2007-12-02 at the Wayback Machine , Senate.gov, March 7, 2007. Retrieved May 22, 2007.
  31. ↑ MasterCard Alters Fee Structure, Wall Street Journal, March 1, 2007. Retrieved May 22, 2007.
  32. ↑ U.S. lawmaker wants proof credit card fees don't harm Archived February 5, 2008, at the Wayback Machine Reuters, July 19, 2007. Retrieved July 20, 2007.
  33. ↑ "Debit Card Changes: How the Durbin Interchange Fee Cap Hurts Consumers". The Heritage Foundation. Retrieved May 27, 2015.
  34. ↑ "Visa, Mastercard settlement means more flexibility for merchants". Archived from the original on July 27, 2011. Retrieved May 27, 2015.
  35. ↑ "Commission exempts multilateral interchange fees for cross-border Visa card payments" (Press release). European Commission. July 24, 2002. Retrieved February 18, 2011.
  36. ↑ "Competition: Commission sector inquiry finds major competition barriers in retail banking" (Press release). European Commission. January 31, 2007. Retrieved February 18, 2011.
  37. ↑ "Antitrust: Commission prohibits MasterCard's intra-EEA Multilateral Interchange Fees" (Press release). European Commission. December 19, 2007. Retrieved February 18, 2011.
  38. ↑ "Antitrust: Commission initiates formal proceedings against Visa Europe Limited" (Press release). European Commission. March 26, 2008. Retrieved February 18, 2011.
  39. ↑ http://www.uokik.gov.pl/en/press_office/press_releases/art72.html Archived February 27, 2008, at the Wayback Machine and also re the Hungarian investigation at http://www.gvh.hu/gvh/alpha?do=2&st=2&pg=154&m129_doc=4413 Archived February 28, 2008, at the Wayback Machine
  40. ↑ "Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions". European Commission. Retrieved July 25, 2015.
  41. ↑ "The REAL facts about credit card interchange fee capping". Head for Points. Retrieved July 25, 2015.
  42. ↑ Commission, Australian Competition and Consumer (June 20, 2016). "Credit, debit & prepaid card surcharges". Australian Competition and Consumer Commission. Retrieved November 22, 2017.
  43. ↑ COMPETITION POLICY AND CREDIT CARD INTERCHANGE FEES IN NEW ZEALAND - Dr. Stephen Gale and Ben Gerritsen
  44. ↑ Commerce Commission and Visa reach agreement to settle credit card interchange fee proceedings Archived July 18, 2018, at the Wayback Machine - Commerce Commission, 12 August 2009
  45. ↑ Mastercard New Zealand: Understanding Interchange - retrieved 8 March 2015
  46. ↑ Evaluation of the 2009 interchange and credit card settlements: Research report Archived July 14, 2015, at the Wayback Machine - Commerce Commission, Date: 19 December 2013
  47. ↑ Lower card fees to benefit Kiwis and small businesses - NZ Government press release, Date: 10 December 2020
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