November 28, 2018 11:02 |
After an investigation by the Antimonopoly Commission, "Mastercard" decided to reduce inter-bank fees. New, lower tariffs, of 0.2 and 0.3 percent of the value of the transaction, will apply from December 17th
FINAL interbank payments on payment cards will "fall" to the European level. After an investigation launched by the Commission for the Protection of Competition against "Mastercard", this card company decided to reduce the fee to 0.2 and 0.3 percent of the value of the transaction with debit and credit cards from December 17, which is the level in the countries of the European Union.
Currently, according to central bank data, the average interbank card fee in Serbia is 1.1 percent for debits, while for credit and above two percent. The Carters' House would also require the Interbank Payment Act to reduce fees from December 17th. However, the law also gives them the possibility that fees during the first six months will amount to a maximum of 0.5 percent for debits and 0.6 percent for credit cards. As of June 18 next year, fees should be harmonized with the European level: 0.2 percent for debits and 0.3 percent for credit cards.
Read more – Antimonopoly combs "Mastercard"
"Mastercard" decided to speed up this procedure and six months earlier to deduct its fees to the level that exists in the countries of the European Union. In the Commission for the protection of competition, for "Novosti" they say that they have established that the submitted proposal of the obligation was allowed, timely and submitted by an authorized person.
– Pursuant to the provisions of Article 58 of the Act, the Commission published a notice on the submission of a proposal on the website of the company that "MasterCard" is ready to voluntarily undertake the obligation to change the level of interbank fees and invited all interested parties to submit their views on the proposal of "Mastercard" . Upon completion of this stage in the procedure, the Council of the Commission will declare whether it accepts the "Mastercard" proposal or proceeds to initiate the procedure.
EXPERIENCE IS "VISA" The Commission has recently launched a procedure to investigate competition breach in the payment card market against "Visa". As she explained in the explanation of this decision, the analysis of the conditions of competition in this market showed that for the same actions and with the same legal basis it is necessary to initiate proceedings not only against "Mastercard", but also against the Visa organization.
The company "Mastercard" for "Novosti" confirms that they have proposed a new level of compensation to the Commission.
– "Mastercard" fully supports the development of an integrated non-cash payment market in Serbia, which fosters competition, innovation and security, and gives consumers, traders and the entire financial system various benefits – they say in this house.
Read more – Mastercard did not have any problems, Visa returns to normal
The commission initiated the whole procedure because it assumed that "Mastercard" determines the minimum interbank fees in an unfair amount, applied by banks in Serbia, or several times more than in the EU. As far as it goes on, merchants who accept payment by payment cards calculate the cost of merchant fees at the retail price they transfer to consumers, regardless of whether the payment was made with a payment card or cash.