V - China Calls On Visa And Mastercard To Slash Bank Card Transaction Fees By Up To Half: Report | Benzinga
Visa Inc. (NYSE:V) and Mastercard Inc. (NYSE:MA) have reportedly been asked by China to lower their bank card transaction fees.
What Happened: The Payment & Clearing Association of China is reportedly negotiating with these international card issuers to decrease fees on foreign card transactions, Reuters reported on Friday. This is part of a broader initiative to simplify payments for international visitors in China.
According to a report released on Friday, the association has recommended a fee reduction from 2-3% to 1.5%. Mastercard has acknowledged receipt of the proposal and has pledged to work with partners to reduce costs for local merchants that accept foreign bank cards.
Earlier this week, ...