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Credit card company fears commission move
16 Jan '07
2 min read
"The danger is that mis-placed intervention by regulators leads to the end of cards for all, as costs for consumers will undoubtedly increase," he explained, according to AFP. Ms Kroes' spokesman, Jonathan Todd, said on Monday that all industry comments would be taken into account.
"It is legally possible for the European Commission to require a system to be abolished if it's in violation of competition rules," he told journalists in Brussels, but added that he was "not saying that we are going to get rid of interchange fees."
Nearly 321 million cards have been issued by banks in Europe using Visa's system, accounting for 1 in every 9 euros spent or €1.2 trillion a year, Reuters reports.
"It is legally possible for the European Commission to require a system to be abolished if it's in violation of competition rules," he told journalists in Brussels, but added that he was "not saying that we are going to get rid of interchange fees."
Nearly 321 million cards have been issued by banks in Europe using Visa's system, accounting for 1 in every 9 euros spent or €1.2 trillion a year, Reuters reports.
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