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Visa, Mastercard face price-fixing charges

New Zealand's Commerce Commission has launched civil proceedings against Visa and Mastercard, as well as 11 financial institutions, for alleged price-fixing in relation to card fees.

DNA Web Team

Updated : Sep 14, 2017, 03:57 PM IST

WELLINGTON: New Zealand's Commerce Commission has launched civil proceedings against Visa and Mastercard, as well as 11 financial institutions, for alleged price-fixing in relation to card fees.

The commission said on Friday it has filed documents in the Wellington High Court alleging that the fixing of interchange fees was anti-competitive.

An interchange fee is the charge paid by retailers and it can be worth up to as much of 1.8 percent of each credit card transaction.

Retailers are not permitted to charge customers extra to use credit cards and so must recover the cost by increasing prices, regardless of whether customers pay by credit or cash.

The commission said it did not allege any collusion between Visa and MasterCard, with the alleged price-fixing being between the credit card companies and their shareholder financial institutions.

Visa and Mastercard said they would vigorously defend the charge.

"The move by the Commerce Commission is serious and disappointing. We will defend the system that continues to deliver major benefits to all New Zealanders," said Visa International executive vice president for Australia and New Zealand Bruce Mansfield.

MasterCard said it opposed the commission's actions as unjustified in law and as an inappropriate and unnecessary intrusion into a highly competitive payments market.

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