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EU to vote on card fee cap

Member states and the European Parliament will today vote to implement an EU-wide cap on the fees banks charge retailers to process debit and credit card transactions.

The proposed limits will be set at 0.2% for debit cards and 0.3% for credit cards under the new laws, set to come into force by autumn 2015 if adopted.

As reported by Drapers at the time the draft terms were published, retailers across Europe currently pay €13bn [£9.2bn] in fees, with rates in some member states reaching as high as 1.8%.

In the UK, where annual paymets total £1bn, only credit card interchange fees are charged at a percentage, debit card transactions cost retailers a flat rate of around 8p.

The vote is scheduled to take place at 10:30am. More to follow.

@LukeToddUK

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