On 19 May 2015, Regulation 2015/751 (the Regulation on Interchange Fees for Card-Based Payment Transactions) of the European Parliament and Council was published in the Official Journal. The final text of the Regulation was adopted by the European Parliament on 10 March 2015 and by the European Council on 20 April 2015.
What this means for you?
The Regulation, which will have direct effect in Member States, applies caps on the interchange fees charged by cardholders’ banks to merchants’ banks every time a consumer makes a card-based purchase (although the caps will not apply to commercial card transactions or ATM cash withdrawals). The Regulation will enter into force on 8 June 2015.Read our recent briefing on the Regulation.