OFT issues statement of objections on Visa agreement
The OFT has today issued a statement of objections against Visa and its members, which includes most major banks, regarding an agreement on its domestic multilateral interchange fee (MIF), which is the fee paid by Visa merchant acquirers to Visa card issuers, for credit card transactions in the UK. Merchant acquirers are banks that provide services to merchants to enable them to accept credit cards. Card issuers are banks that offer credit cards to consumers to make payments.
Frontier (London) currently advises Visa Europe.
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