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.
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:
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.