The European Commission has announced plans to cap interchange fees on debit and credit cards in a bid to reduce costs for retailers and consumers. Interchange fees, which are the fees paid by banks to each other for each card payment, will be capped at 0.2% of the value of the transaction for debit cards and 0.3% for credit cards. Michel Barnier, European Union internal market and services commissioner, called the EU payment market “fragmented and expensive” at a cost of more than 1% of EU gross domestic product (GDP) or €130 billion (£112 billion) a year......Read more here