On 10 March 2015 the European Parliament announced that that it had adopted the proposed MIF Regulation on interchange fees for card-based payment transactions (the MIF Regulation).
The MIF Regulation, which largely follows a Commission proposal from July 2013, will cap the fees that banks charge retailers to process shoppers’ payments. The adopted text has not yet been made publicly available, and now needs to be formally adopted by the Council. The press release states that the MIF Regulation should apply six months after its entry into force.
What this means for you
The Regulation will give more freedom of choice to retailers between cards charging different fees, enhance transparency for card transactions, and pave the way for innovative payment technologies to be rolled out. The benefit should be felt by customers too, provided retailers pass on the savings to them. Read further comments by our specialists on the MIF Regulation.