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Retailers welcome EU credit card charge plans

3:37 min

The European Commission decided today to put a cap on the charges banks charge each other for credit and debit card use, these fees are paid by the banks involved in a card transaction and are then charged to shops and retailers. The decision has been welcomed by retail organisations, but banks are less keen on the move.

Bengt Nilervall, in charge of payment issues at the Swedish Trade Federation, told Radio Sweden he thinks the plans will be good for consumers. Lower costs for retailers should mean lower prices for consumers, he says.

Bank groups and credit card companies have opposed the plans, warning that charges might have to be put over onto card owners themselves.

The European Commission proposals must now be approved by member states and the European Parliament before becoming reality.

Our journalism is based on credibility and impartiality. Swedish Radio is independent and not affiliated to any political, religious, financial, public or private interests.
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