China is urging Visa (NYSE: V) and Mastercard (NYSE: MA) to reduce their bank card transaction fees within the country to make payments easier for foreign visitors, Bloomberg News reported, citing a knowledgeable source.
The Payment & Clearing Association of China is in discussions with global card issuers, including Visa and Mastercard, about reducing the fees on foreign card transactions, as reported on Friday.
The association has proposed lowering the fee to 1.5% from the current 2-3%.
Mastercard confirmed to Bloomberg that it had received the proposal and stated it would collaborate with partners to reduce costs for local merchants accepting foreign bank cards.
Earlier this week, the industry group issued a proposal to global card issuers regarding the fee reduction, according to a statement on its website on Tuesday, without providing specific details of the proposed cuts.
Paraphrasing text from "Reuters" all rights reserved by the original author.
