Kia Motors earnings jump 11.8% in first quarter

EU accepts Visa concessions, ends antitrust probe

EU accepts Visa concessions, ends antitrust probe

kh close

 

Published : 2014-02-26 19:50
Updated : 2014-02-26 19:53

The European Union's antitrust authority is closing an investigation against Visa Europe after accepting the firm's offer to lower some card fees.

The EU Commission said Wednesday its concerns are sufficiently addressed by Visa's concession to cut inter-bank fees for credit card payments to 0.3 percent of a transaction's value -- a reduction of about 40 to 60 percent.

The Commission, which acts as the 27-nation bloc's antitrust watchdog, says the company has also offered to reform its rules to facilitate competition across Europe by reducing cross-border fees between banks on credit and debit card payments.

The settlement with the EU Commission makes the concessions legally binding for Visa for five years. Violation could incur stiff fines.

Separately, the Commission continues its probe against Visa Inc. on international inter-bank fees. (AP)

Photo News

BMW 전기차 i3 출시, 가격대가 에쿠스

기아차 '3세대 카니발' 실제 모습 공개

렉서스 신형 SUV 모습 드러내