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Thu, 25 Jul, 2013 02:44:59 AM
FTimes News Desk, July 25
 
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The European Commission has proposed restrictions on fees charged by the banks for the use of credit and debit cards, news agency STT reported quoting Reuters on Wednesday.
 
According to the proposal, the fees would drop to 0.2 per cent for debit cards and 0.3 percent for purchases made with credit cards. Banks charge now up to 1.5 percent of premium payments per transaction.
 
EU Competition Commissioner Joaquin Almunia said that the retailers would get great savings by paying lower fees to their banks, which will also benefit consumers through lower prices.
 
The European Commission estimates that the deal would save 6 billion Euros per year.
 
The draft legislation will also prevent companies such as airlines from imposing a surcharge when customers pay for flights using certain cards.
 
Retailers would like a small flat fee, which more closely reflects the actual cost of card payments.
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