The EP accepted the cap on credit and debit card fees

The European Parliament has backed a deal to cap the fees retailers pay to process debit and credit card transactions, which EU officials say will mean savings for customers.

Use of credit and debit cards in Europe is continuing to grow. There are currently 760 million payment cards in circulation in the EU, which works out at about 1.5 per person. In 2013, the number of non-cash payments in the EU increased by 6 percent, totalling 100 billion euros.But this can be expensive for retailers who have to pay fees every time someone uses a card. And those expenses are often passed on to the consumer. Now the EU is bringing in reforms that will cap the fees that banks charge businesses for processing card payments.
In the future the ceiling will be 0.2% for debit cards and 0.3% for credit cards. (MTI)