EU agrees to cap debit and credit card fees
Retailers have welcomed the news that the EU has agreed to cap the cost of processing debit and credit card payments.
British Retail Consortium members have long campaigned for a reduction in what they described as unjustifiably high card fees, which cost UK businesses over £1 billion a year.
The BRC said the reform will provide more competition and innovation in the payments system.
Helen Dickinson, BRC director general, said: “We are delighted with this historic and landmark agreement. We have long campaigned for a cap on excessive and anti-competitive card payment fees. Once implemented in the UK during the course of 2015 this will enable the retail industry to invest an extra £500 million a year in innovation and value for consumers.”
Never Miss a Retail Update!Kevin O’Byrne, chief executive B&Q UK & Ireland, added: “This agreement is a significant step forward following many years of retailers calling for an end to high card fees. The British Government has provided great leadership championing this in Europe. We now need the Payment Systems Regulator to make this law in the UK without further delay.”
