The British Retail Consortium has welcomed a vote by MEPs in the European Parliament for a overhaul of the European payments market.
The parliament’s decision will see a cap on fees retailers’ pay banks to process card payments, which are currently 0.2% for debit cards and 0.3% for credit cards. The vote will also remove rules which force retailers to accept all cards irrespective of cost.
The BRC said the decision would benefit both retailers and the consumer as a reduction in fees will create capital to invest in the consumer offer.
Helen Dickinson, director general of the BRC, added: “Retailers welcome a clear message that the time for change has come. This sends a strong signal to the European Council and the UK Government to support a more competitive payments system for the benefit of businesses and consumers.”