From today, June 10, the new rules established by the European Commission come into force with the aim of making the costs of payments made with debit and credit cards more transparent for sellers and consumers and at the same time allowing each of us to make more informed decisions on the type of payment.
Going into detail, the European Union has imposed a maximum ceiling on interchange fees which weigh above all on merchants and which often lead to a preference for cash payment. The aforementioned commissions, paid by the merchant to the bank that issued the payment card when a consumer makes a purchase via Pos, cannot exceed 0,2% of the transaction value for debit cards and 0,3% % for credit ones.
From 10 June therefore, merchants will no longer be able to refuse to use a certain type of card because it is subject to too high commissions.
“Many consumers use payment cards every day when they shop in stores or shop online. For years, the fees charged by banks for card payments have been largely kept in the dark. The new European regulation has made card payments more transparent. This means cost savings for millions of European consumers and retailers,” said Competition Commissioner Margrethe Vestager.
The payment type rules have also changed. Many cards currently include multiple payment channels, such as PagoBancomat and Maestro for Italy.
Based on the new legislation, every consumer will have the possibility to select the channel that offers the best cost/effectiveness ratio of the payment. The trader, in turn, will be able to equip himself with a specific channel, although the last word belongs to the buyer.
