Monday, April 21, 2008

EU to Compete with Visa, Mastercard

THE European Commission said yesterday that contacts had been made with banks on setting up a payments card network that could rival Visa and MasterCard. “We have had a series of contacts with banks and other interested parties about payments cards,” said commission spokesperson for competition matters Jonathan Todd. The Financial Times reported yesterday that Commerzbank, Deutsche Bank of Germany and French banks Societe Generale and BNP Paribas were preparing to decide on launching a new card network in the coming months. “Members of this project have approached the commission, but they’re not the only ones,” Todd said. According to the Financial Times, the willingness of the German and French banks to go ahead with their initiative depends on how high the commission would accept interchange fees to be set. — Sapa-AFP

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