The European Parliament (EP) adopted new rules that will be introduced cap on the fees that merchants pay for transaction processing credit and debit cards. Restrictions will apply to both cross-border and national card payments reported by the EP. After the vote of parliament rules will have to be approved by the EU Council.
Incentive for card payments
New legislation is expected to lead to reduced costs for merchants and cardholders. Lowering transaction costs may encourage more widespread use of card payments, currently restricted to certain traders because of excessive cost.
According to the EP, the European Commission (EC) and the European Central Bank (ECB), quoted by the BBC, in 2013. Within the EU has issued 760 million. Payment cards, or an average 1.5 cards per capita of the Union . At the same time with them made payments totaling 100 bln. Euro, their number has increased by 6%. At any use of the card, however, traders have to pay fees for the processing of the transaction and the costs to businesses in the EU is estimated at about 10 billion. Per year, often transferred to consumers.
The amount of any fees varies in different countries in the EU, its determination is often opaque. In Germany, for example, average charges for credit card transactions were 1.8%, while in Poland the processing of payment by debit card costs retailers an average of 1.6% of the value of the transaction. According to data from the Bulgarian representatives of traders in the local market fees range from 0.4% to above 2%, banks offer discounts of their size at a higher turnover. Of companies state that at very large sites such as hypermarkets, as they can fall to 0.2-0.3%, but it is also possible and are much higher for smaller objects.