Competition challenge to the market: the EC's proposals on interchange fees
It is difficult to see this batch of proposals (combined with its permissive stance to payment initiation services) as anything other than an attempt by the EC to introduce competition and challenge to the status quo where a relatively small number of card schemes serve the majority of market.
The EC has proposed a regulation on interchange fees applying to card-based transactions. These fees are typically charged by the card-issuing bank to a merchant acquirer when collecting payments for its merchants. The merchant acquirers tend to pass these fees on to merchants, with the result that they are ultimately passed on to merchants’ consumers in the form of increased prices for goods or services.
The EC has found that certain mechanisms in place reduce the opportunity for merchants to steer consumers toward using cards that incur lower fees, resulting in non-competitive prices across the chain…
If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.
News from Taylor Wessing
News from The Lawyer
Briefings from Taylor Wessing
The VAT pilot programme (initially launched in Shanghai on 1 January 2012) provides for VAT exemption for certain qualified cross-border services that are rendered by a service provider in China to an overseas service recipient.
In this briefing, Taylor Wessing looks at the termination process for senior executives in various countries.
Analysis from The Lawyer
The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world
Financial disputes are starting to dominate the English courts as the long-awaited fallout from the downturn finally comes to town