The European Commission (EC) has sent a supplementary Statement of Objections to Visa Inc and Visa International over inter-regional interchange fees for cross-border credit card transactions.
Earlier in 2014, the commission finally closed proceedings against Visa Europe after the card firm agreed to reduce its interchange fees to 0.3% the maximum weighted average MIF for consumer credit cards for Intra-EEA transactions, national transactions.
A similar agreement on debit cards was reached in 2010, under which Visa Europe committed to reduce the maximum weighted average MIF for consumer debit cards for cross-border transactions and national transactions in those EEA countries where it sets the MIF directly to 0.20%.
EC said that the case against Visa Inc. and Visa International continued as they did not offer commitments in 2014.
“The supplementary Statement of Objections sent today focuses the analysis on the conducts that were not already addressed by the Visa Europe commitments of 2014; includes inter-regional fees applied on transactions with consumer debit cards (in addition to the inter-regional fees with credit cards); and takes into account the fact that in June 2016 Visa Europe became a subsidiary of Visa Inc. and ceased to exist as a separate undertaking,” EC said in a statement.
EC has asked Visa to file its response within two months.