The European Union officials are moving forward with a proposal to curb the interchange fees added to credit and debit card transactions.
The proposal detailed on July 24 by the European Commission would cap interchange fees, charged by banks during monetary transfers, at 0.2 percent of the value of consumer debit card transactions; credit card transactions would be capped at 0.3 percent. It is estimated that the effort will save retailers, and by extension consumers, more than 6 billion Euros ($7.9 billion) a year.
