The fees have turned out to be a rather controversial issue, not only in Europe but also worldwide. The Eurosystem’s position is neutral on interchange fees. But clarity is needed so that banks and other payment service providers can decide on future investments. That clarity has now been provided in the Commission’s proposal for an interchange fee regulation, which we very much welcome.
Even with a cap on interchange fees, banks should seize the opportunities that a “SEPA for cards” offers. The growth potential for cards at the point of sale is still substantial in Europe, especially in some countries. The favourable outlook for card transactions is a business case in itself, even for a scheme that operates with a low interchange fee.