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ARTICLE · 29 OCTOBER 2014

EU’s Latest Visa Decision Affects Banks And Consumers Located In Turkey

Gedik & Eraksoy
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The investigation was initiated when the Commission sent Visa a supplementary statement of objections in July 2012.

TurkeyAntitrust/Competition Law
Hakki Gedik
Hakki Gedik
Gökhan Eraksoy
Gökhan Eraksoy
Emre Önal
Emre Önal

Background

In 26 February 2014, the European Commission announced its decision to render legally binding the commitments offered by Visa Europe in an on-going investigation against its multilateral interchange fees for credit card payments. The investigation was initiated when the Commission sent Visa a supplementary statement of objections in July 2012, informing them that the inter-bank fees set by Visa and related practices may violate EU antitrust rules (Article 101 of the Treaty on the Functioning of the European Union – TFEU). These inter-bank fees are paid by merchants' banks (acquirers) to cardholders' banks (issuers) for transactions with Visa's consumer credit cards. The concerns related in particular to:

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