The European Parliament (EP) is likely to vote on the introduction of cap on interchange fees for credit and debit card payments on 3 April 2014.
A report by the Klasa daily was cited by Focus Information Agency as saying that the EP will also vote on measures to improve the security of online payments.
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According to data compiled by the European Commission (EC), the European retailers pay over 10b in card payment charges every year.
In February 2014, the European Parliament’s Economic and Monetary Affairs (ECON) Committee voted to introduce a cap of 0.3% of the value of transactions as interchange fees for credit card payments and a cap of 0.07 cents or 0.2% of the value of transactions for debit card payments.
For the plan to become law, both the Parliament and the EU’s Council of Ministers must support the proposal.
The proposal is expected to be adopted before late 2014 and is expected to come into force within one year.
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