Weko reaches agreement with Mastercard on lower debit card fees
Published: Thursday, May 16th 2024, 08:10
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The Weko and Mastercard have agreed on lower fees for transactions in stores in Switzerland. The solution was reached by mutual agreement. The ongoing investigation by the ComCo into Visa's fees is not affected.
Payments with debit cards incur fees for merchants, including the so-called "interchange fee". The Competition Commission (ComCo) and the payment service provider Mastercard have now agreed to reduce these fees, as the ComCo announced on Thursday.
Specifically, a fee of 0.12% was agreed for domestic face-to-face transactions, i.e. purchases made locally in a store. This is subject to an upper limit of 30 centimes from a transaction amount of CHF 300, which corresponds to an average rate of 0.1 percent, according to the Competition Commission. The agreement is valid until at least 2033, whereas the corresponding European regulation stipulates a rate of 0.2 percent.
For domestic payments via the Internet and payments with mobile devices (so-called e- and m-commerce), a rate of 0.31 percent applies until October 31, 2025 based on previous proceedings. Prior to the investigation, the competition authorities had agreed with Mastercard that this rate would be reduced to 0.28 percent from November 1, 2025.
While a solution has now been found with Mastercard, a solution has yet to be found with its competitor Visa, it added. A corresponding investigation into the "interchange fees" in Visa's face-to-face business is therefore continuing and is not prejudiced by the agreement with Mastercard, according to the ComCo.
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