By Marynia Kruk
Poland's central bank Friday said it may recommend lowering
interchange rates through legislative regulation if market
participants don't voluntarily agree to lower these rates as suggested
by a special council convened by the central bank.
The central bank has been seeking a multi-party, voluntary compromise
from companies like Visa Inc. (V), MasterCard Inc. (MA), Diners Club
and American Express Co. (AXP) to lower the fees charged for non-cash
transactions in the Polish market, which are some of the highest in
Europe.
Visa has declared itself ready to sign up to the central bank's
program on condition that rival Mastercard also does so, the central
bank said in a statement. But Mastercard isn't signing up and said it
will lower some of its interchange rates unilaterally Jan. 1, 2013.
Meanwhile, Diners Club and American Express asked to be exempt from
the lowering of interchange fees because their business models differ
from Visa's and Mastercard's.
The Payment System Council has given the main companies in the credit
card and debit card sector, including card issuers, clearing agents
and merchants, until July 15 to sign up to the central bank's program.
Failing that, the council recommends passing laws to lower these fees,
the central bank said.
Write to Marynia Kruk at marynia.kruk@dowjones.com
(END) Dow Jones Newswires
June 29, 2012 12:10 ET (16:10 GMT)
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