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Vice President Almunia welcomes Visa Europe's proposed commitments to significantly cut its inter-bank fees for credit card payments, to a level of 0.3% of the value of the transaction (a reduction of about 40 to 60%) and to reform its rules in order to facilitate cross-border competition. The proposals by Visa follow the sending of a supplementary statement of objections by the Commission in July 2012. The Commission will seek feedback on these proposals from interested parties through a market test. The Commission may then decide to make them legally binding on Visa Europe.
Commission Vice President Joaquín Almunia, in charge of competition policy, said: "It is excellent news that Visa decided to submit these commitment proposals in response to our objections. Given...
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