European Union antitrust regulators have intensified their preliminary investigation into Visa and Mastercard, sending a fresh round of questionnaires to retailers and payments companies to assess whether a standardized summary of fees and greater transparency could address ongoing concerns.
The questionnaires, sent on Tuesday, mark the latest step in an inquiry into the fee structures of the two dominant card networks, which process about two-thirds of card payments in the eurozone and charge scheme fees for services related to participation in their systems.
The 11-page questionnaires asked respondents whether a clear, categorized summary of fees, written in plain, intelligible language and including descriptions of services covered, would be an effective solution. Regulators are examining if Visa and Mastercard’s fee structures are too complex or opaque for merchants and payment firms.
Respondents were also asked whether contractual changes, including terms and conditions, services, and fees, should be based on objective, transparent, general, and non-discriminatory criteria.
Another key focus of the inquiry is how the card schemes handle fines levied on retailers and payments companies. Regulators sought input on whether requiring fines to be invoiced separately would help businesses identify the reason for the charges and enable them to challenge the penalties appropriately.
The questionnaires also probed the effectiveness of the current processes for contesting such fines. The deadline for responses is June 18.
Mastercard, in response, reiterated its previous position. “Mastercard offers consumers and businesses choice, ways to pay and be paid that are hassle-free and worry-free, secure and most convenient for them,” the company said in an email.
