Payment & Expense

MasterCard and Visa agreed to reduce to 0.28 percent their interchange fees for domestic payment transactions in France, effective November 1.

October 04, 2013

The two companies have been charging an average of 0.55 percent and 0.50 percent, respectively. ATM withdrawal fees will be capped at €0.55. The new fees are in line with draft proposals issued by the European Commission in July 2013 to cap interchange fees at 0.3 percent. Like EC's proposals, the new cap for the French market applies only to consumer cards, but experts have predicted that limiting consumer card fees will create unintended consequences for the corporate card market.