China Said to Ask Visa, Mastercard to Cut Transaction Fees [BNN Bloomberg (Canada)]
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Mastercard Incorporated (MA)
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Source: BNN Bloomberg
The Payment & Clearing Association of China is negotiating with global card issuers including Visa and Mastercard on lowering fees local merchants are charged on foreign card transactions. The association proposed trimming the fee to 1.5% from 2-3%, the person said. The person requested anonymity discussing private matters. The negotiations are ongoing and the fee cut details could change. Mastercard acknowledged it has received the proposal from the industry association and pledged to work with partners in the payment industry to lower the costs for local merchants accepting foreign bank cards, according to a media representative of the firm. The industry association and Visa didn't immediately respond to 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 Tuesday that didn't provide details of the price cut. Issuers were advised to coordinate with members on their ne
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