Visa to slash retailer card fees

Visa is to significantly cut debit fees charged to European retailers as part of a settlement with authorities. The dispute first started after European retail association, Eurocommerce drew attention to “interchange fees” charged by both Visa and MasterCard. Visa will cap its cross border interchange fees at 0.2 per cent for four years. Visa said that despite the recent development, talks with Brussels to lower credit card fees were still some way away.