Interchange Fees
The Interchange Fee Regulation was published in the Official Journal of the EU on 19 May 2015 and entered into force in June 2015. It introduces a new set of business rules for payment card schemes along with caps for the interchange fees charged on card transactions. It aims to create a payments environment which will nurture competition, innovation and security to the benefit of all stakeholders and consumers in particular.
Public Consultation
A public consultation on the national discretions ran from 19 May 2015 to 10 June 2015. In all, 20 written submissions were received.
A copy of this public consultation can be found here: Interchange Fee Regulation Consultation
Responses to consultation can be found below:
Coxs Cash and Carry Submission
Murphys Cash and Carry Submission
Padraic Tuffy Limited Submission
Retail Excellence Ireland Submission
SuperValu Carrickmacross Submission
Budget 2016
Following the publication of the Interchange Fee Regulation in May 2015, the Minister for Finance announced in Budget 2016 that there would be a reduction in the interchange fees faced by retailers to 30 basis points for credit cards and 10 basis points for debit cards. The Minister’s speech is available here.
Regulations
