Iceland: Ministry of Finance Consults on Draft Bill on Interchange Fees for Card-Based Payments

On January 15, 2019, Bjarni Benediktsson, minister of finance and economic affairs, published a bill for consultation on the implementation of the European Parliament and Council Regulation (EU) 2015/751 on interchange fees for card-based payments transactions.

The draft bill stipulates that a maximum fee to be charged for credit cards transactions will be 0.2 percent on debit card payment and 0.3 percent on a credit card as stipulated, in the EU regulation. In addition, there is a prohibition of regional restrictions in license agreements.

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