Confirmation by the European Court of Justice of the anti-competitive nature of MasterCard’s multilateral interchange fees is a great victory for consumers and businesses alike. HOTREC, the business association representing the European hospitality industry, called on EU decision makers to translate this judgment into a reality by adopting urgently the Commission’s proposal to regulate interchange fees for payment cards.
The European hospitality industry, which has always complained about the anti-competitive nature of interchange fees and their negative impact on prices paid by consumers and businesses, strongly welcomed the ECJ’s judgment, as it made clear that interchange fees violated EU competition law and cannot be considered as necessary for the system to function.
HOTREC called on the Council and European Parliament to: ? Cap interchange fees at a maximum of 0.2% or 7 cents for debit and 0.3% for credit as an absolute maximum, with the option for member states to set lower fees to suit local markets; ? Include commercial cards in the fee cap; ? Implement caps for both domestic and cross-border transactions within a maximum of 6 months.