Visa & MC Cap Fees Extended; HKMA CBDC Project
Mastercard and Visa have extended their commitment to cap inter-regional fees for tourist cards in the EU for another five years, until November 2029. Initially set in 2019 following an EU anti-trust investigation, this agreement caps fees at 0.2% for debit and 0.3% for credit card present transactions, and 1.15% for debit and 1.5% for credit card not present transactions. 💳 The European Commission appreciates the continued cooperation but warns that investigations may ensue if evidence shows the current caps are inappropriate. This extension aims to reduce costs for European retailers and consumers. #PaymentProcessing #EURegulations #ConsumerProtection
In another development, the Hong Kong Monetary Authority (HKMA) is collaborating with Banque de France on the European Central Bank’s digital euro project, marking the first non-EU central bank to join. The project tests interoperability between the BDF’s DL3S2 and HKMA’s Ensemble Sandbox, focusing on real-time cross-border and cross-currency payments. 💱 This initiative aims to enhance settlement efficiency and financial market connectivity, promoting a global tokenisation market. Denis Beau of BDF and Howard Lee of HKMA highlight the importance of this collaboration for exploring innovative payment solutions and advancing digital finance. #CBDC #DigitalEuro #CrossBorderPayments 🌐
