EU Expands Visa and Mastercard Fee Investigation
Brussels – The EU antitrust authority is broadening its investigation into the fees charged by Visa and Mastercard, soliciting input from terminal providers and payment companies, according to documents reviewed.
A new survey has been initiated, following a similar one that went out to retailers and merchants last month. The scrutiny by the EU Competition Enforcer started in September due to complaints from merchants and payment companies regarding the fees associated with these card networks.
Visa and Mastercard together account for about two-thirds of card payments within the Eurozone. The current survey aims to gather details about the fees or services each company has charged between 2017 and 2024, including any new fees introduced and any changes made during that period.
The regulator is also interested in knowing which processing services are considered mandatory and how Visa and Mastercard inform payment companies of any new charges or changes to existing ones.
Additionally, the survey seeks to determine if the information provided by both companies is clear enough and whether they are giving sufficient notifications regarding fee and service changes. Respondents will also be asked about any complaints they’ve lodged against Visa and Mastercard over the past seven years, as well as the time taken to resolve those complaints.
A spokesperson for Mastercard stated that their services provide consumers and businesses with choices, security, and convenient payment options. Meanwhile, Visa has argued that its fees reflect the value provided to European financial institutions, merchants, and consumers, highlighting high levels of security, fraud prevention, and operational reliability.
According to someone familiar with the matter, the survey is examining how payment service providers are obliged to accept the schemes and how rates have increased in recent years. This change might indicate the committee’s intent to establish whether Visa and Mastercard are abusing their dominant market positions.
No immediate comments have been provided by the committee. The deadline for responses is set for June 2nd. Bloomberg was the first to report on the survey.
