In an exclusive interview with viEUws, Peter Møller Jensen – Director EU and Government Relations/Regulatory Affairs at Visa Europe – discusses the impact of European Union legislation regulating card fees with MLex correspondent John Rega.
Møller Jensen explains that the most contentious issue about this legislation is the level of fees, and argues that “a compromise needs to be hammered out”. Visa Europe agrees on setting the debit cards interchange rate at 20 basis points. In order to accommodate the wishes of Member States, this number could be reached as an average on the domestic level, underlines Møller Jensen. He also argues that the interchange fee regulation would change the industry as a whole. One of the direct implications for Visa Europe would be the requirement to legally separate the scheme from the processor. Furthermore, Peter Møller Jensen elaborates on the impact of this legislation for retailers, and concludes by arguing that new EU regulations on interchange fees would not benefit consumers.
“It is likely that because of interchange fees going down, consumers might face higher card fees”, argues Visa Europe tweet