EU Commission says Visa Europe offers to cut inter-bank fees


Visa Europe, the European licensee of Visa Inc. , has offered to halve its inter-bank credit card fees to 0.3 percent for four years to end a European Union antitrust investigation and stave off a possible fine.

The European Commission said in a statement on Tuesday that the proposed cut meant Visa Europe's fees would be on the same level as rival MasterCard , and about 40-60 percent lower than at present.

Continue Reading Below

The EU antitrust authority said those interested in the matter will be able to comment soon on Visa Europe's offer, which came after the Commission told the company that its cross-border credit card fees harm competition between banks and lead to higher consumer prices.

(Reporting by Foo Yun Chee; editing by Rex Merrifield)