The European Parliament will vote tomorrow (10 March 2015) in plenary session on the proposed Regulation on Interchange Fees for Card-Based Payment Transactions. In all probability, it will vote to adopt the Regulation. If it does, the Regulation will need to be endorsed by the European Council before being published in the Official Journal. The Regulation will take effect 6 months after coming into force.
The Regulation will cap the fees that banks can charge retailers for processing shoppers’ payments. The cap will apply to cross-border and domestic card-based payments. The European legislature believes that the Regulation will cut costs for card users; enhance fee transparency and stimulate competition in the card-based payment sector.
Our client alert, which summarises the effect of the Regulation is available here.
The European Parliament’s Legislative Observatory procedure file is available here.