Visa Inc and Mastercard have proposed lowering the fees merchants face when they accept payments from non-EU credit cards in a bid to settle a long-running EU antitrust investigation, people familiar with the matter said on Thursday.
Even after the reduction, such fees which are paid by merchants when they accept card payments and are a lucrative source of revenue for banks, will still likely be higher than those for EU cards, they say.
Visa, the world`s largest payments network operator found itself in the European Commission`s crosshairs in August 2017, charged with subjecting the cards of foreign tourists to excessive fees when they used in the EU.
The Commission`s charge againt Mastercard dated from July 2015.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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