Brussels, 03/07/2006 (Agence Europe) - In a Press release, EuroCommerce welcomes the decision of the European Commission to ask for further information on inter-bank commission levied on all cross-border, and, in nine Member States, even domestic transactions. The way that MasterCard and Visa have organised the payment cards market has led to higher prices for retailers and consumers, larger profits for the banks and no incentive for new companies to enter the market, says the European association representing retail, wholesale and international trade in Europe. “We need regulators to act once and for all to stop Visa, MasterCard - and the banks behind them - from profiteering at the expense of consumers throughout Europe,” said Xavier Durieu, EuroCommerce Secretary General. “Each time a court or competition authority looks at the payment cards market, they come to the same conclusion that measures have to be taken to force Visa, MasterCard and the banks to put the principles of transparency and competition into practice,” he added.
On Friday, the Commission announced it had sent a second statement of objections on tariffs that traders' banks pay to those of MasterCard and Maestro card holders (see EUROPE 9223). The Commission believes the tariffs are too high and push up retail prices by as much as 2.5%, notes EuroCommerce.