BRITISH Retail Consortium members have welcomed the decision by European lawmakers to cap the cost of processing debit and credit card payments. The issue has also been seen as very important by the Petrol Retailers Association. It sees fuel retailers as among the hardest hit by high card-transaction costs.
The regulation, agreed in December, will limit interchange fees on debit cards to 0.2% and credit cards to 0.3%, bringing an end to a situation where banks could decide how much retailers paid for a transaction.
Helen Dickinson, BRC director general, said: “We are delighted with this historic and landmark agreement. We have long campaigned for a cap on excessive and anti-competitive card payment fees.
“This will enable the retail industry to invest an extra £500 million a year in innovation and value for consumers.”