American Banker reports today that a consortium of top French banks has agreed to cut debit card interchange rates by as much as 36% in response to a price-fixing investigation by a government agency. The 130 bank consortium accounts for about 2/3 of all of France's card transactions. The reduction goes into effect on October 1.
Although seemingly parallel the to Federal Reserve action in the US, the development reportedly stems from merchant complaints in 2009 and 2010 prompting an investigation of debit card rates to determine fairness. 80% of France's card transactions are linked to bank accounts, with less reliance on credit cards.
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