commiss decis juli relat proceed articl ec treati articl eea agreement case comp visa intern multilater interchang fee notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area regard council regul februari regul implement articl treati amend regul ec articl articl thereof regard applic neg clearanc notif view exempt submit visa intern januari pursuant articl regul regard complaint lodg eurocommerc pursuant articl regul regard commiss decis initi proceed case parti concern opportun heard matter commiss object accord articl regul commiss regul ec decemb hear parti proceed articl ec treati consult advisori committe restrict practic domin posit regard final report hear offic case fact introduct januari ibanco visa intern notifi rule regul govern visa associ member commiss appli neg clearanc articl altern exempt articl initi comfort letter commiss open investig visa case complaint comfort letter withdrawn open investig account complaint file eurocommerc european retail organis aspect inter alia visa intern payment card scheme interchang fee decis august commiss clear provis visa rule articl ec treati articl eea agreement decis explicitli cover interchang fee issu present decis relat intra region interchang fee scheme visa intern consum card appli cross border point sale visa card payment oper eea member state modifi section parti complain visa intern member visa intern servic associ quot visa quot privat own profit corpor own member financi institut world visa revenu amount usd million worldwid visa incorpor unit state america oper visa card system network end manag trade mark lai rule system authoris clear servic world wide comput telecommun network call visanet visa issu visa card cardhold contract merchant visa card accept member financi institut receiv licenc end visa visa divid territori activ region worldwid visa eu region cover iceland liechtenstein norwai turkei israel cypru malta switzerland addit commun visa member decis make deleg visa eu region board director quot visa eu board quot elect year visa member financi institut eu region visa eu board respons intra region affair adopt region regul visa eu region oper regul class membership visa corpor broadli speak class membership open institut organis commerci bank law countri authoris accept demand deposit visa accept membership applic deem board director competitor corpor eurocommerc eurocommerc retail wholesal intern trade represent european union member eea agreement gener notif visa concern rule regul govern visa associ member certif incorpor intern law region board deleg intern provis relat visa payment card gener intern oper regul european union region oper regul disput resolut rule card mark specif notifi visa rule regul hereinaft refer quot visa rule quot present decis relat propos modifi visa eu intra region interchang reimburs fee scheme consum card implement visa rule intra region interchang fee scheme applic cross border visa consum card transact merchant outlet eea member state european union iceland liechtenstein norwai default domest visa card payment oper member state case distinct visa interchang fee rate set nation visa member member state present decis relat notifi intra region interchang fee visa appli cross border visa card payment oper eea member state domest interchang fee set nation visa member applic intra region interchang fee visa domest visa card payment oper member state present decis appli current intra region interchang fee visa commerci card footnot visa interchang reimburs fee gener pursuant visa rule absenc bilater agreement acquir bank bank contract merchant visa card accept default pai issu bank bank issu visa card consum interchang reimburs fee transact visa card eu region interchang fee set visa eu board exact level vari type visa card consum commerci card type transact bilater agreement bank interchang arrang permit restrict content multilater determin interchang fee mif set visa eu board appli default eu intra region visa card transact transact visa card issu member state merchant outlet member state visa visa card transact merchant outlet eu efta countri intra region transact nation visa member set multilater bilater interchang rate domest transact default fee set visa eu board appli domest transact mif introduc visa time call ibanco introduct separ administr region cover eu specif mif intra region transact eu set visa propos modifi mif scheme averag level mif gradual increas visa weight averag interchang fee level year current mif scheme introduct mif set visa eu board set percentag net sale carri cost studi refer purpos visa eu board free set mif level consid independ specif servic provid issu bank benefit acquir bank visa mif price servic provid issuer acquir merchant consid mif transfer undertak cooper order provid joint servic network characteris extern joint demand mif visa financi adjust imbal cost issu acquir revenu receiv cardhold merchant visa claim present visa scheme revenu cardhold materi lower cost incur issu bank convers revenu acquir bank merchant materi excess cost behalf payment system incur acquir bank view interchang fee serv adjust imbal view increas demand payment servic visa claim interchang fee system oper optim level kei strength visa system larg number cardhold merchant undermin visa past consid level mif determin visa eu board busi secret disclos visa member client acquir bank practic pass merchant interchang fee pai issu bank part permit inform merchant level mif merchant made awar exact compon mif merchant fee modifi mif scheme june execut committe visa eu board approv propos modifi mif scheme propos clarifi slightli amend visa comment commiss parti modifi scheme relat point sale po transact consum card final propos modifi mif scheme involv main compar present scheme reduct level modifi scheme visa reduc level intra region mif applic consum card payment visa eu region introduct fix rate transact mif debit card visa carri phase reduct level ad valorem transact mif applic type credit defer debit card concern debit card visa introduc flat rate intra region mif end visa undertaken yearli weight averag mif level weight volum transact categori exce eur fee maintain year subject adjust event signific chang issuer cost includ cost studi section visa bear burden proof demonstr signific chang visa repres reduct averag debit card transact compar continu applic current intra region mif debit card rate mif applic intra region transact credit defer debit card reduc year period reduct leav weight averag mif visa estim transact volum date categori transact mif level applic compar visa estim effect modif debit defer debit credit card combin interchang revenu issu bank intra region transact reduct year period compar revenu offer implement object modifi scheme visa categori issuer cost involv suppli visa payment servic object criterion assess visa intra region mif paid acquir issuer po transact cost categori cost process transact cost free fund period cardhold cost provid quot payment guarante quot cost studi data split figur relat debit card data refer defer debit credit card quantifi cost element compris cost categori visa submit commiss month adopt decis cost studi show calcul base cost categori mention data split figur relat credit defer debit card data relat debit card cost studi carri visa audit independ firm account commiss approv firm account audit cost studi data prepar cost studi provid repres sampl visa member bank visa eu region locat eea cost studi prepar copi submit commiss frequent month sake full transpar mif cost studi propos made visa cost element includ cost categori broken inform constitut basi commiss reason grant exempt term articl treati debit card cost process transact subcategori cost free fund period defin footnot cost quot payment guarante quot subcategori cost defer debit credit card cost process transact subcategori cost free fund period defin footnot cost quot payment guarante quot subcategori cost modifi scheme effect level mif exce sum categori cost except circumst discourag behaviour imped technic progress consult commiss level visa discret determin mif level consid commerci level result cost studi constitut cap mif consum card payment debit card hand defer debit credit card specif reduct agre visa detail section transpar visa chang eu region oper regul member bank disclos merchant level visa eu intra region mif forc rel percentag cost categori merchant request inform merchant made awar possibl request inform bank separ mif mail order telephon order transact comment made parti reaction notic august section visa propos introduc separ intra region mif rate mail order telephon order mo transact object criterion base inform gather defer debit credit card cost studi correct specif cost categori quot payment guarante quot quot process transact quot reflect cost specif mo transact visa appli abovedescrib cost studi mo appli relev cost studi credit defer debit transact allow fact mif level result cost studi maximum cap mo mif includ visa offer reduc level mif section complaint complaint subsequ submiss eurocommerc object principl multilater interchang fee notwithstand modif propos visa eurocommerc maintain complaint eurocommerc consid interchang fee mechan shift merchant indirectli custom pai mean visa card cost free advantag offer cardhold level fee agre bank pressur market set mif amount eurocommerc price fix cartel eurocommerc consid mif indispens visa scheme function successfulli provid exampl payment card scheme claim function mif eurocommerc refer german ec kart scheme allegedli parti domest debit card scheme function interbank fee depend function card chosen merchant ec kart card function guarante unguarante merchant decid function merchant free choos guarante payment case pai fee issu bank unguarante payment eurocommerc provid australian eftpo debit card scheme function multilater interchang fee paid acquir bank issu bank payment card system bilater agre fee revers direct issu bank acquir bank eurocommerc put forward canadian interac scheme domest parti debit card scheme function mif set econom impact visa mif recit visa mif paid transact visa card import visa card transact eea clear fee add substanti sum million card eu region million merchant outlet accept visa card million transact year visa estim actual amount intern interchang paid visa acquir visa issuer eu intern transact made intra region intern interchang proceed open visa case commiss request inform pursuant articl regul visa member eurocommerc septemb commiss supplementari statement object visa regard mif state restrict competit mean articl establish condit exempt articl fulfil visa written observ receiv decemb februari oral hear place hear attend visa eurocommerc parti europai intern mastercard intern march supplementari observ issu aros oral hear receiv visa eurocommerc parti attend hear april visa contact commiss discuss mif concret propos approv execut committe visa eu board june august commiss publish notic offici journal oj describ propos modifi mif scheme invit interest parti provid comment septemb commiss articl letter pursuant regul ec reject preliminari basi complaint eurocommerc repli eurocommerc receiv octob contact commiss visa led specif modif mail order telephon oper lead final version propos modifi mif section complain opportun comment modif letter march comment receiv propos modifi visa mif scheme observ commiss comment complain eurocommerc articl letter eurocommerc septemb relat complaint mif visa scheme parallel eurocommerc proceed repli date octob eurocommerc oppos exempt propos modifi mif scheme visa eurocommerc hold firstli agreement set mif price cartel exempt circumst eurocommerc add exempt commiss act price regul view visa propos cost base mif imposs implement feasibl identifi accur cost price servic bank sector due high proport gener overhead cost arbitrari natur alloc gener cost bank product eurocommerc cost studi carri independ extern auditor design visa eurocommerc argu inclus cost element includ propos modifi visa mif basi relat servic benefit merchant cost includ mif calcul mif eurocommerc argu propos reduct mif level effect full immedi case repres cost reduct achiev plan final eurocommerc reveal mif level constitu merchant increas negoti power merchant comment parti public notic august repli receiv parti payment card system visa bank nation competit author privat individu remain repli retail merchant organis card payment system comment fail understand law reduct level price relev grant exempt impress commiss act price regul regard abus power held cap mif relev cost undermin develop parti card payment system slow innov technolog develop view mif restrict competit card payment system repli defend mif inher parti card payment system consid cost free fund period concern relationship card issuer cardhold note cost exclud calcul mif oppos transpar provis ground unpreced oblig reveal wholesal cost retail custom nation author repli consid visa mif justifi neg clearanc state merit exempt view nation author mif parti card payment scheme price fix agreement mean articl qualifi exempt provid level fee excess context held cost process cost quot payment guarante quot relat fraud includ calcul level mif free fund period cardhold default element quot payment guarante quot justifi cost compon mif repli retail individu consid visa mif compar unrevis mif subject supplementari statement object septemb justifi chang commiss posit repli welcom improv made visa mif regard minor effect specif point made consum card includ debit card cross border payment atm cash withdraw seemingli drastic reduct mif card limit effect inadequ safeguard ensur visa cost studi carri independ neutral manner extern auditor adequ guarante cost studi carri expert design commiss inclus cost quot payment guarante quot mif justifi visa payment guarante merchant quot card present quot transact payment telephon mail order internet reduct estim mif revenu issu bank larg consequ cost reduct decid emv standard card forecast increas electron transact chip card bear lower mif electron transact merchant pai free fund period consid benefit cardhold deni led increas aggreg consum spend repli oppos inclus process cost mif ground process carri card issu bank benefit custom cardhold measur increas transpar welcom retail significantli increas negoti power merchant mif effect constitut floor merchant fee observ commiss commiss make observ comment complain parti exist gener overhead cost econom sector obstacl product meaning result applic analyt account method great deal expertis exist independ account firm specialis bank sector concern point made reduct level mif recit commiss emphasis reduct level mif part packag modif propos visa element quot object quot quot transpar quot propos consid packag isol commiss evalu packag propos articl act price regul debit card recit commiss market share card criterion determin modif mif card qualifi exempt cost studi recit visa assur commiss audit independ firm account bound rule profession ethic guarante independ specif experi payment card cost studi quot card present quot transact recit firstli concern internet payment visa point april payment benefit full quot payment guarante quot condit secur softwar entitl quot secur quot retail softwar cost prohibit visa meet relev criteria benefit quot payment guarante quot categori quot card present quot transact mail order telephon payment visa confirm benefit guarante fraud relat loss agre creat distinct quot mo quot mif rate section respond concern commiss relev point recit reiter propos modifi mif scheme consid quot free fund period quot mention recit recit recit dealt recit process cost dealt recit benefit merchant modifi mif scheme dealt recit ii legal assess articl ec treati articl eea agreement relev market visa visa argu relev product market compris consum payment instrument type payment card chequ type cash end visa refer opinion member visa mention previou commiss decis relat chequ commiss allegedli recognis substitut chequ mean payment addit visa refer judgement american court state context complaint multilater interchang fee discrimin rule visa intern scheme relev market visa oper compet consum payment system relev geograph market concern visa submit light global commerc internet introduct euro market move eu wide world wide market view visa share member eurocommerc eurocommerc consid number distinct market involv consid visa activ market card network visa system market distinguish market card issu card acquir transact process commiss relev product market commiss state decis visa case august type competit relev payment card distinguish payment system payment card scheme possibl mean payment card financi institut bank card relat activ essenti issu card individu quot acquir quot merchant card payment accept type competit convention term quot system network market quot quot upstream market quot convention term quot intra system downstream market quot intra system market parti payment system visa financi institut eu bank compet issu card bear brand acquir merchant accept card type competit affect visa rule mif firstli affect competit posit visa regard payment system affect competit bank visa system prevent bank differenti bank offer term condit intra system market issu side bank visa card issuer compet issu visa card individu persuad cardhold visa card card individu hold visa card invari link bank account bundl product inevit includ packag bank account visa card consid distinct product acquir side visa acquir bank entiti own bank sign merchant servic merchant accept visa card includ provid authoris process credit merchant account softwar technic backup servic clear settlement issu bank merchant hold princip bank account visa acquir inter system market discuss greater detail commiss share visa view relev market compris consum mean payment explain inter system market usag payment system market share determin inter relat decis consum merchant payment card wide accept larg number merchant cardhold choos card card hold accept merchant question demand merchant cardhold analys order determin correct definit system market order payment instrument consid substitut includ relev inter system market substitut consum merchant user payment instrument consid payment instrument substitut instrument substitut inter system market market type distanc payment giro transfer exclud pai item counter shop concern cash chequ consid substitut payment card point view merchant consum merchant card payment instrument substitut card loss revenu merchant ceas accept card greater loss revenu increas gener level price amount small sustain increas merchant fee card consum cash inconveni danger carri larg amount unsuit expens purchas frequent run renew mean cash withdraw card member state averag amount cash purchas lower averag amount card purchas medium payment cash card true limit rang transact size chequ member state counter purchas reserv distanc payment member state chequ face face purchas franc unit kingdom ireland regulatori framework differ franc bank prohibit law charg issu chequ case chequ significantli characterist compar card chequebook limit number chequ chequ accept conjunct chequ guarante card ident card chequ fill lose time reason cash chequ exclud inter system market remain type card includ relev market criteria effect distinct card card card issu consum commerci expens internation state issu payment facil offer card debit defer debit credit practic credit card exclus intern debit card domest increas tendenc domest debit card intern debit function addit maestro electron brand member state individu hold domest debit card intern credit card intern credit card domest payment great major payment intern card domest payment credit card revolv credit facil visa card internation usabl card payment facil vari credit defer debit card debit card visa cb card issu franc visa delta card issu unit kingdom conclus purpos present decis make distinct type payment card order defin relev product market present case relev inter system market consid compris type payment card rule distinct consum commerci card nation intern card debit charg credit card suffici import consum type card constitut distinct product market relev geograph market commiss held decis august relev geograph market account assess competit issu relat payment card scheme nation cross border issu acquir permit visa technic feasibl occur extent market question develop attribut pure nation concern inter system competit geograph market wider nation market visa hold import market posit worldwid market precis geograph market definit case left open market posit visa nation market card intern card visa eurocard mastercard store card main nation debit scheme eu region visa hold term number card circul market share vari netherland portug term volum visa card transact visa market share vari netherland portug market power visa measur term market share europai visa import network economi bank issu visa card visa card accept million merchant outlet eu signific number merchant categori airlin internet retail mail order compani restaur depend intern card network visa numer user decis associ undertak agreement undertak state recit decis commiss august visa intern case visa rule regard decis associ undertak agreement undertak mean articl ec treati articl eea agreement necess mif oper visa system visa visa view mif fall scope articl end visa argu visa payment servic jointli provid visa member bank mif devic enabl busi function effici effect absenc joint action regard mif bank account account quot posit extern gener decis quot visa refer context commiss guidelin horizont cooper paragraph thereof state horizont cooper quot compet compani carri project activ cover cooper quot fall articl quot natur quot visa mif cover paragraph fall scope articl natur subsidiari argument visa submit event commiss view mif restrict competit mif qualifi ancillari restraint fall articl mif directli relat function visa system commiss commiss disagre argument put forward visa mif fall scope articl start commiss doubt correct visa member quot carri project activ cover cooper quot visa group member larger bank visa capabl offer card payment system proven fact citigroup owner diner club compet card system commiss accept concern medium size small bank visa cooper enabl provid servic provid individu commiss object major rule notifi visa function visa intern payment card scheme argu mif enabl visa member bank offer visa card servic visa admit visa scheme exist mif visa mif quot scale visa oper greatli reduc competit impact product offer class user inferior cardhold access smaller network merchant merchant smaller pool cardhold quot argument consid articl ec articl eea articl articl eea question claus technic oper visa payment scheme provis oper visa parti payment scheme technic arrang messag format oblig creditor bank accept payment validli enter system debtor bank prohibit post price bank theori technic feasibl visa scheme function altern arrang mif involv collect price agreement undertak issu bank recov cost part cardhold conclus mif visa scheme quot natur quot scope articl ec articl eea regard ancillari restraint restrict competit visa visa submit mif restrict competit mean articl visa acquir visa issuer card payment system payment instrument visa mif involv price fix mif price servic provid issuer acquir merchant consid mif transfer cost undertak cooper order provid joint servic network characteris extern joint demand recit visa point parti payment system american express owner payment scheme free alloc cost issu acquir side activ freeli calcul price charg cardhold merchant believ interest system parti system implicitli mif visa contend prohibit parti system mean explicit mif amount discrimin parti system eurocommerc eurocommerc consid mif quot price fix cartel hard core infring competit law quot condit believ exempt commiss reason commiss consid mif visa system restrict competit mean articl ec articl eea restrict freedom bank individu decid price polici mif restrict effect competit visa issuer visa acquir concern argument put forward visa commiss accept mif transfer cost undertak cooper order provid joint servic network characteris extern joint demand commiss accept parti payment scheme characteris extern interdepend demand merchant cardhold joint suppli singl product visa card issuer acquir offer distinct servic distinct custom issu acquir fundament activ involv specialis cost mif consid exchang cost partner product joint ventur commiss mif agreement competitor restrict freedom bank individu decid price polici distort condit competit visa issu acquir market visa bank issu visa card competitor visa issu market visa bank acquir compet visa acquir market activ affect mif visa member bank competitor concern agreement mif agreement collect mif bank involv effect price competit acquir issu level mif agreement fix signific part parti final cost revenu commiss earlier decis conclud mif amount restrict competit articl ec articl eea issu bank requir charg acquir bank fix fee prevent develop wholesal level individu price polici vi vi acquir bank provid servic quot payment guarante quot transact mif effect distort behaviour acquir bank vi vi custom resal level creat import cost element eurocommerc averag approxim merchant fee constitut de facto floor fee charg merchant acquir acquir bank make loss acquir activ commiss mif agreement restrict competit object mif agreement parti payment system visa object increas stabil effici oper system section indirectli strengthen competit payment system allow parti system compet effect parti system appreci effect visa visa contend mif restrict competit appreci extent mean articl concern competit visa acquir merchant visa put forward argument mif repres element merchant servic charg msc paid merchant acquir bank merchant sensit differ level charg thirdli visa acquir bank compet element price visa submit mif appreci restrict competit visa issuer relat custom mif prevent issuer charg fee cardhold increas charg recov cost commiss concern acquir market mif compon msc main cost compon repres eurocommerc msc mif effect impos floor msc econom impact mif substanti million visa card eu region million merchant accept visa card million visa transact year intra region transact revenu issu bank aris visa intra region mif amount impact issu market concern mif discourag innov effici issu market lead oversuppli card effect trade member state commun eea commiss state decis august visa card natur cross border mean payment card cardhold countri card issu payment merchant outlet cash withdraw countri visa visa card transact merchant outlet eu efta intra region transact recit visa rule applic eea provis contain rule potenti effect trade member state commun eea visa deni rule potenti effect trade member state conclus articl ec treati articl eea agreement mif visa system amount appreci restrict competit mean articl ec treati articl eea agreement articl ec treati articl eea agreement condit technic econom progress benefit consum visa visa accept mif exist visa system visa submit mif introduc precis order promot wider distribut accept visa card servic provid gener posit network effect expans system depend exist mif visa view maximis usag system mif optimis consum satisfact mif fewer visa cardhold fee cardhold increas issuer spend monei recruit cardhold knock effect number merchant accept visa card visa merchant obtain benefit visa system increment sale cost save speed card transact cash chequ payment mif visa balanc conflict interest merchant cardhold alloc cost system type user correspond margin benefit user deriv system maximis system visa argu visa interest set mif high low mif high visa lead merchant drop system visa card attract cardhold cardhold drop system set neg spiral end consider contract visa system possibl end visa system mif low visa opposit effect end result eurocommerc firstli eurocommerc consid exempt visa mif view mif constitut price cartel restrict competit object add effici gain produc cartel outweigh neg effect eurocommerc argu mif fulfil condit exempt slow innov bank concentr maintain develop mif incom detriment develop card relat product servic condit eurocommerc advanc mif detriment merchant unfairli advantag cardhold transfer merchant cost relat servic quot free benefit quot provid cardhold turn provid pressur merchant accept card deni quot payment guarante quot request merchant paid merchant repli articl letter septemb eurocommerc argu cost process cost free fund includ mif eurocommerc benefit consum visa system reflect set mif proportion manner mif fail meet condit exempt commiss preliminari remark case agreement price classifi cartel inher exempt exampl exist agreement price meet condit exempt mif price charg consum remuner paid bank deal settlement card payment transact choic partner absenc sort default rule term settlement lead abus issu bank posit monopsoni acquir bank settlement individu payment transact kind default arrang question qualifi exempt depend detail arrang prior modif section visa mif consid commiss supplementari statement object septemb satisfi condit articl notabl visa eu board free set mif level wish independ cost specif servic provid issu bank benefit merchant mif busi secret end pai mif merchant level effect negoti merchant fee commiss found upward pressur level previou mif fact bank member visa compet eurocard mastercard system issu whichev brand card higher interchang level brought revenu possibl merchant ceas accept visa card visa mif high suffici strong constrain upward pressur long mif reach exceedingli high level due fact merchant accept visa card face increas mif increas merchant fee recov cost increas small price increas good sold lead smaller fall turnov ceas accept visa card possibl previou mif set revenu maximis output limit level level maximis output visa system concern mitig revis visa mif explain turn condit disput payment card scheme visa repres consider econom technic progress question visa mif agreement propos modifi form specif contribut progress question intim link benefit consum logic condit condit note parti payment card scheme visa network distinct interdepend type consum merchant cardhold type consum prefer cost system paid user merchant interest low neg interchang fee interchang fee paid issuer acquir cardhold interest posit interchang fee paid acquir issuer visa network network characteris network extern provid greater util type user greater number user type merchant system greater util cardhold vice versa maximum number user system achiev cost categori user close equival averag margin util system categori user commiss accept necessarili achiev bank simpli charg custom featur parti payment card scheme card issu bank specif servic benefit merchant acquir bank difficulti measur averag margin util visa card payment categori user accept proxi found meet concern commiss express supplementari statement object septemb end visa propos modifi mif identifi main cost categori view constitut quot object benchmark quot level cost suppli visa payment servic constitut quot object benchmark quot assess visa intra region mif paid acquir issuer po transact cost categori cost process transact cost provid quot payment guarante quot cost free fund period commiss see reason contest relev cost categori accept visa point view part benefit merchant process servic commiss accept account mainten benefit cardhold issu bank process request payment debt acquir bank ultim merchant incur administr cost doubt merchant benefit process servic context intern payment card transact eurocommerc initi accept concern payment guarante commiss accept quot payment guarante quot kind insur fraud cardhold default merchant quot payment guarante quot element revis visa mif kind insur premium import context intern card payment gener retail benefit quot payment guarante quot mean obtain payment visa cardhold member state case fraud insolv fraud higher cross border transact domest evid provid commiss suggest absenc payment guarante insur fraud credit loss link intern card payment wide retail term afford medium size small retail cost element quot payment guarante quot relat bad debt write off aris cardhold default import consider absenc element quot payment guarante quot merchant insur possibl custom respect card payment reason insolv insur expens cross border payment recoveri debt difficult cross border context domest risk default higher cross border context cardhold histori default carri purchas abroad default quot black list quot event fraud insolv control effici issu bank introduct option quot payment guarante quot lead issu bank relax control lead increas level fraud insolv quot payment guarante quot retail risk accept visa card great quot honour card quot rule oblig accept visa card choic ceas accept visa card complet visa card attract cardhold give visa card lead downward spiral size level usag visa system loss turnov merchant thirdli quot free fund period quot visa cardhold make purchas merchant accept visa card offer free credit visa benefit merchant encourag cardhold increas consumpt make addit purchas made proven facil increas total aggreg consumpt plausibl stimul cross border purchas cardhold travel abroad mean check account balanc delai purchas free fund period cardhold travel abroad prudent regard spend fear take account red whilst phenomenon neutral effect total consumpt europ facilit encourag cross border spend oppos domest spend light inclus free fund period mif cross border purchas justifi primarili benefit merchant purchas made promot cross border purchas singl market commiss see reason purpos durat present exempt unjustifi inclus visa intra region mif cost free fund period featur intern charg credit card partli benefit merchant cross border transact servic question provid visa issu bank merchant indirectli acquir bank payment system visa issuer absenc contractu relat charg cost relat servic directli merchant unlik nation scheme ec kart germani issuer charg merchant directli provis option guarante conclus propos modifi intra region mif visa intern rule contribut technic econom progress mean articl condit exist larg scale intern payment system posit network extern modifi mif base object criteria cost transpar user visa scheme end pai mif part provid fair share benefit categori user visa system meet concern commiss level mif exce cost specif servic calcul base guarante cost studi carri repres sampl visa member audit independ expert visa eu board set lower level modifi visa mif benefit merchant mif futur exce cost servic issu bank provid wholli partli benefit merchant concern comment made merchant repli commiss eurocommerc repli articl letter septemb alleg minor effect visa mif note practic effect visa mif merchant cardhold inher uncertain mif wholesal price present exempt grant basi present fact exempt determin period time need balanc interest commiss review impact revis mif visa cardhold modifi visa mif directli advantag previou lead reduc cost merchant lead merchant accept visa card interest cardhold case strong price competit merchant fall merchant cost lead reduc price consum includ pai visa card mif consid visa lead increas charg cardhold visa propos level cost servic mention effect form ceil level mif set mif level lower cost servic question expect potenti detriment cardhold hand servic question arguabl benefit user proport bank leewai split cost cardhold merchant set mif cost goal encourag improv system interest user system conclus amend mif contribut technic econom progress provid fair share benefit categori user visa system meet condit articl condit indispens visa visa mif indispens function visa system optimum level visa direct charg cardhold issuer cost bilater interchang arrang feasibl option visa scheme visa conclud mere absenc mif paid acquir issuer payment card system mif visa system eu unnecessari visa payment card scheme refer supplementari statement object exampl card scheme function altern financ method mif prove visa mif object visa system card system visa compar visa system german ec kart system domest debit card system infrastructur permit direct payment merchant card issuer australian eftpo system domest debit card system involv small number bank bilater agreement feasibl canadian interac system fact mif albeit set level eurocommerc eurocommerc argu mif make payment card system function achiev usag maximis stabil system eurocommerc view servic provid issu bank acquir bank payment mif tax levi gener huge cost eventu paid consum higher retail price commiss emphasis indispens consid head indispens exist visa system indispens achiev benefit identifi condit articl posit network extern visa mif admiss visa indispens exist visa system explain absenc direct contractu relationship issuer merchant kind multilater interchang fee arrang issuer recov merchant cost servic provid ultim benefit merchant lead neg consequ detriment entir system user mif restrict competit type mif consid indispens commiss note regard mif allow visa member bank freedom set mif level choos object criteria actual cost provid specif servic question modifi visa mif base object criteria cost transpar sens level request disclos merchant commiss accept mif consid indispens establish context intern payment card scheme thousand member altern financi arrang modifi mif feasibl restrict competit maintain technic econom progress identifi articl condit regard commiss take account establish exampl intern credit defer debit card scheme function mif domest payment system refer eurocommerc recit point similar visa system differ preclud comparison system involv fewer bank visa system direct link issu bank merchant mif fix level line authoris system consider diminish fraud theoret bilater agreement made level interchang multilater interchang fee lead effici gain context visa intern payment scheme due lower negoti transact cost bank visa eu region due negoti transact cost bilater interchang fee theoret result higher transpar fee turn lead higher merchant fee reason default fallback mif case bank reach bilater agreement absenc interchang arrang issu bank absorb cost servic charg directli part cardhold absorb cost lead recov higher fee unrel servic cross subsidis charg cost servic cardhold form increas annual fee visa card possibl transact relat fee consid restrict altern compar mif cardhold fee determin unilater bank multilater agreement conclus reach recit beneficiari cost element includ revis visa mif charg cost cardhold destabilis visa system cardhold make visa card price excess includ cost servic provid merchant reduct visa card turn make card attract merchant set downward spiral visa system conclus altern restrict revis visa mif exist present achiev advantag benefit consum identifi condit practic feasibl context visa intern parti card payment scheme revis visa default intra region mif meet condit articl fourth condit elimin competit visa visa mif afford visa possibl elimin competit respect substanti proport product question visa note regard member bank expos intra system inter system competit visa determin mif visa member bank take place highli competit environ eurocommerc eurocommerc consid fourth condit met visa europai form duopoli market share commiss mif elimin competit issuer remain free set respect client fee set de facto floor merchant fee elimin competit acquir acquir bank remain free set merchant fee compet compon merchant fee mif elimin competit visa competitor europai alleg eurocommerc visa form duopoli europai relev agreement visa member analog agreement exist europai member commiss evid concert visa europai conclus articl ec treati articl eea agreement modifi visa mif fulfil condit exempt articl ec treati articl eea agreement durat exempt condit pursuant articl regul decis applic articl ec treati issu period condit oblig attach thereto pursuant articl regul date decis take effect earlier date notif articl regul start exempt period earlier date notifi agreement satisfi condit exempt exempt effect propos modifi visa mif scheme implement visa rule forc decemb mo mif section exempt enter effect mif establish remain forc decemb period time commiss examin practic impact modifi visa scheme market expect effect merchant fee light comment made parti notic order permit commiss verifi visa mif section implement visa undertaken decis subject condit visa submit commiss month adopt decis copi cost studi show calcul base cost categori mention section data split figur relat credit defer debit card data relat debit card rel impact term volum type visa card cost studi carri visa audit independ firm account approv commiss data prepar cost studi provid repres sampl visa member bank visa eu region locat eea cost studi prepar copi submit commiss frequent month complet aforement cost studi effect level mif consum card exce sum categori cost except circumst reconcil articl discourag behaviour imped technic progress consult commiss visa inform commiss amend addit intra region mif scheme adopt decis articl prejudic articl provis articl ec treati articl eea agreement declar inapplic pursuant articl ec treati articl eea agreement modifi visa intra region multilater interchang fee hereinaft mif scheme appli cross border point sale transact visa consum card european econom area decemb declar exempt paragraph appli subject condit visa board septemb latest adopt measur secur implement modifi mif scheme object decis month date adopt present decis frequent month visa submit commiss copi cost studi debit card defer debit credit card calcul maximum mif level base cost categori cost process transact cost free fund period cardhold cost provid quot payment guarante quot cost studi carri visa audit independ firm account approv commiss data prepar cost studi provid repres sampl visa member bank visa eu region locat eea repres total volum visa intra region point sale transact complet cost studi refer subparagraph effect level mif consum card exce figur recent studi repres maximum mif level base cost categori subparagraph except circumst opinion commiss compat articl treati visa inform commiss month inform member amend addit intra region mif scheme articl provis articl ec treati articl eea agreement declar inapplic pursuant articl ec treati articl eea agreement visa intra region interchang fee mail order telephon order transact hereinaft mo transact object decis appli cross border point sale transact visa consum card eea decemb provid declar exempt articl applic declar exempt paragraph appli subject condit visa board adopt april latest measur secur implement mo transact intra region interchang fee visa compli articl complet cost studi refer articl effect level mif mo transact exce figur recent studi repres maximum mif level mo transact base inform cost categori refer articl correct specif cost categori quot payment guarante quot quot process transact quot reflect cost specif mo transact articl decis address visa intern servic associ european union region high street kensington london te brussel juli commiss mario monti member commiss oj oj oj oj letter march visa intern request commiss extend exist notif articl eea oj visa membership provis examin context case comp subject present decis adopt prejudic outcom commiss examin case approv visa eu board june subsequ modifi extend final visa propos section except distinct intra region interchang rate mail order telephon payment section implement april visa member state greec ireland itali netherland sweden visa rule provis relat cash disburs reimburs fee paid atm acquir card issuer fee subject complaint eurocommerc present decis part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk visa defin interchang reimburs fee quot fee reimburs acquir issuer clear settlement interchang transact quot visa eu region oper regul commerci card card issu busi user busi expens exclud initi propos modif visa constitut product specif characterist issu individu enabl pai busi expenditur comment made complain parti section recit present decis cover current mif commerci card decis refer made visa propos modifi mif scheme relat exclus propos made regard visa eu intra region po transact consum card debit card direct debit card debit card reduct weight averag mif credit defer debit transact achiev stage correspond defer debit card cost time differ payment acquir debit fund cardhold current account credit card correspond cost time differ payment acquir time payment made cardhold balanc credit card bill roll extend credit facil rate interest appli includ cost aris grant extend credit cardhold debit card repres process time debit transact cardhold account defer debit credit card repres extra interest free period payment made extend credit visa terminolog quot payment guarante quot present decis term describ promis issu bank honour payment acquir bank turn inter alia fraudul cardhold ultim default condit merchant undertak secur check enabl issu bank promis payment concern default loss loss occur free fund period includ mif cost studi visa inform commiss subcategori cost includ main categori inform consid busi secret visa categori eurocommerc complaint clear advoc quot prohibit mif quot sens remov default arrang term exchang debt issu bank acquir bank leav issu bank free impos unilater interchang discount rate eurocommerc wish commiss impos visa quot exchang paper par quot amount leav mif place reduc level canadian interac system case comp recit recit recit commiss observ comment complain found recit dealt part ii present decis section eurocommerc made point dealt present decis fall scope firstli visa mif commerci card cover visa propos articl letter exempt intra region mif visa consid conjunct mif domest visa payment applic member state part visa intern notif nineti repli categori ident text displai high degre similar draft repli comment modif mif visa commerci card offer issu supplementari statement object septemb reason commiss chang posit regard envisag exempt mif commerci card cover present decis point complain eurocommerc advoc commiss regul level mif impos set footnot decis merger regul eec case iv westlb thoma cook recit quot travel chequ degre competit method payment credit card eurochequ quot commiss decis case iv uniform eurochequ oj recit person travel foreign countri gener choic mean payment cash travel chequ postal payment order credit card atm card eurochequ nabanco bancard corpor visa usa supp fla affid circ south trust corpor system ala litig discov unit state america earli visa submit market credit card scfc visa usa circuit oj parti payment card system visa merchant capac client acquir servic cardhold capac client issu servic consid consum note regard commiss decis refer visa footnot fact account latest develop payment sector relat substitut mean payment chequ commiss decis left exact definit relev market open substitut debit card hand defer debit credit card vari domest cross border context defer debit credit card featur benefici cross border context recit commiss decis august mention recit section oj sens dutch bank accept giro decis septemb oj state proper function payment system stake joint agreement technic specif procedur aspect transact process priori agreement level charg charg affirm held necessarili form mif recit context commiss decis case quot rheim ii quot oj respect dissuas effect default fallback agreement conclus bilater agreement parti sens commiss decis abb oj abi oj nvb oj nvb ii oj compar commiss quot notic applic ec competit rule cross border credit transfer quot sec final quot multilater interchang fee agreement restrict competit fall articl substanti restrict freedom bank individu decid price polici quot sens visa econom expert usa proceed david evan richard schmalense acknowledg quot interchang fee place floor price merchant pai acquir process card transact quot quot signific price system set interchang fee quot quot acquir pai issuer interchang fee transact fee set floor merchant discount quot book quot pai plastic quot pp argument consum encourag cardhold reason scope system advantag system encourag consum cardhold true respect geograph market card reach satur point case member state intern transact articl regul eec transport sector provid exempt price agreement liner confer condit oblig articl regul eec provid group exempt price agreement airlin regard iata interlin fare oj quot lock quot effect illustr extrem pauciti exampl merchant decid ceas accept visa card accept recit complaint quot charg bank impos merchant merchant fee correspond price servic receiv small part amount servic render merchant consist process oper quot letter januari quot servic card transact gener process transact quot point judgment court justic european commun case balli ecr visa argu free fund benefit merchant repres quot contract quot merchant consum credit programm argument weak light fact merchant accept visa card offer consum credit merchant accept visa card desir oper consum credit programm emphasis context present exempt appli visa intra region mif appli cross border transact analysi exempt inclus free fund period mif domest card payment conceiv reach conclus conclus necessarili valid domest context number bank fewer effici gain multilater arrang vi vi bilater agreement outweigh disadvantag creation restrict competit