EU threat prompts MasterCard to reduce transaction fees

04/2/2009 | Guardian (London), The

The European Commission has dropped its lawsuit against MasterCard as the company temporarily has lowered its transaction fees on cross-border credit card purchases and repealed increases in its "membership" fee. Some retailers blasted the deal as a "weak compromise" as MasterCard has made it clear that the moves are only temporary pending its appeal. "This will mean lower charges for retailers accepting payment cards, which should in turn be passed on to consumers," said Neelie Kroes, the EU competition commissioner.

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