European Retail Giants Push Back Against Visa and Mastercard Fees
Europe's top retailers are urging the European Commission to address high fees charged by Visa and Mastercard, claiming these fees damage competitiveness and transparency in the euro zone's card payment market. The call for action pushes the EU to explore alternatives like a digital euro, despite legislative delays.
Leading European retailers and online companies have issued a call for the European Commission to regulate what they describe as excessive fees levied by Visa and Mastercard. They argue that these fees, described as opaque, are damaging the competitiveness of the euro zone's card payment market and stifling innovation among rivals.
As Visa and Mastercard dominate payment card processing in Europe, concerns have been raised not just over the financial burden of these fees but also their lack of clarity. In response, the European Union is exploring the potential of a digital euro to reduce dependence on U.S. payment providers, although progress has been slow and frustrating for stakeholders.
The complaint, addressed to top EU officials, was backed by key industry groups and major brands including Aldi, Amazon, and Ikea. The retailers urged the Commission to enforce EU antitrust rules against the companies, revise interchange fee legislation, and demand greater fee transparency.
(With inputs from agencies.)
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