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Stock impact report

China asks Visa, Mastercard to cut transaction fees, Bloomberg News reports [Yahoo! Finance]

Mastercard Incorporated (MA) 
Last mastercard incorporated earnings: 4/29 08:00 am Check Earnings Report
Company Research Source: Yahoo! Finance
payments for foreign visitors, Bloomberg News reported, citing a person familiar with the matter. The Payment & Clearing Association of China is negotiating with global card issuers including Visa and Mastercard on lowering fees charged on foreign card transactions, according to the report published on Friday. The association proposed trimming the fee to 1.5% from 2-3%, the report added. Mastercard told Bloomberg that it had received the proposal from the industry association and said it would work with partners to lower costs for local merchants accepting foreign bank cards. Visa and Mastercard did not immediately reply to Reuters' requests for comment. The industry group issued a proposal earlier this week to global card issuers on the fee cut, according to a statement posted on its website on Tuesday, without disclosing details of the price cut. (Reporting by Disha Mishra in Bengaluru; Editing by Savio D'Souza and Rashmi Aich) Show less Read more
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