Press Release: Antitrust: Commission sends Statement of Objections to Visa

The European Commission confirmed that it has sent a Statement of Objections (SO) to Visa on 3rd April 2009. The Commission's preliminary view is that the multilateral interchange fees (MIFs) set directly by Visa restrict competition between banks for accepting consumer payment cards without benefiting consumers by contributing to technical and economic progress. The MIFs are an important part of the total cost that retailers must pay for accepting Visa's consumer payment cards, and in effect establish a minimum price for retailers. The Commission's preliminary view is that this behaviour infringes European antitrust rules (Article 81 EC Treaty and Article 53 EEA Treaty).

EurActiv, 27.1.10: Kroes to clamp down on payment cards http://www.euractiv.com/en/financial-services/kroes-clamp-payment-cards/article-189260

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