Home / Knowledge / News / Apparel/Garments / BRC hails move to overhaul European payment market
BRC hails move to overhaul European payment market
21
Feb '14
The British Retail Consortium (BRC) has welcomed a landmark vote by MEPs in the Economic and Monetary Affairs Committee for a comprehensive overhaul of the European payments market. The Committee has sent a clear message that the time for reform has come by imposing a maximum cap at 0.2% and 0.3% respectively for consumer debit and credit cards. MEPs also voted for the abolition of the ‘honour all cards rule’ which forces retailers to accept all cards irrespective of cost. 
 
The Committee’s decision will undoubtedly benefit consumers and small businesses. As the most competitive sector, retail competes on price and value every day and a reduction in fees will create capital to invest in the consumer offer. It will also benefit small business who have invariably been paying the highest fees.
 
This is an important first step and it is now imperative the European Parliament supports in plenary the vote made in Committee. This decision must also act as a mandate for the Council to act swiftly to support reform and provides further substance to support rapid progress of the implementation of a UK domestic payment regulator.
 
Tom Ironside, Director of Business and Regulation at the BRC, said, “This is an incredibly positive vote by European politicians. Retailers welcome a clear message that the time for change has come.  This sends a strong signal to the rest of Parliament and Council to support a more competitive payments system for the benefit of businesses and consumers.”
 

The British Retail Consortium

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search