EU parliament backs deal to keep bank card fees under control

BRUSSELS – The European Union has taken a major step to contain the cost to retailers of processing bank card payments.

The EU legislature on Tuesday approved by an overwhelming 621-26 vote with 29 abstentions a move to set a fee cap of up to 0.3 per cent of the transaction value, depending on the card and the size of the transaction.

Currently, retailers must often accept conditions issued by card companies. The move should also bring the cost down for consumers.

EU nations must still approve the measures.