Brussels, 03/04/2014 (Agence Europe) - MEPs restated their desire on Thursday 3 April to cap multilateral interchange fees (MIFs) that retailers' banks pay to the banks of payment cards used in a transaction.
Endorsing the position of its competent committee (see EUROPE 11023), Parliament has not, however, completed the first reading. It will be for the new Parliament to pick up from where today's MEPs have left off, in their discussions with the member states which are working on this issue.
The interchange fees that banks charge on credit card transactions has been capped at 0.3% of the transaction value. For debit card transactions, the interchange fee cap is to be 7 euro cents, or 0.2% of the transaction value (whichever is lower). These caps will apply one year after the new directive on cross-border and domestic transactions comes into force.
The legislative revision seeks, too, to enhance consumer protection. As well as improving transparence, Parliament also reduced from €150 to €50 the loss to be borne by consumers in the event of unauthorised transactions. An unconditional right to reimbursement of debit card payments, for example, when goods purchased are not delivered, has been introduced.
To encourage the EU-wide online payments market, any company wishing to provide these services in the EU would have to be approved by a member state after meeting security criteria and being in possession of insurance. Each country will have to establish a public register of approved service providers. (MB)