EU parliament backs deal to keep bank card fees under control

Associated Press

The European Union has taken a major step to contain the cost to retailers of processing bank card payments.

The EU legislature on Tuesday approved by an overwhelming 621-26 vote with 29 abstentions a move to set a fee cap of up to 0.3 percent of the transaction value, depending on the card and the size of the transaction.

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Currently, retailers must often accept conditions issued by card companies. The move should also bring the cost down for consumers.

EU nations must still approve the measures.