China is pushing Visa and Mastercard to lower their bank card transaction fees in the country in order to facilitate payments for foreign visitors.
The Payment & Clearing Association of China is negotiating. With global card issuers such as Visa and Mastercard to lower fees charged on foreign card transactions.
Reducing Fee
The association proposed reducing the fee to 1.5% from 2-3%, according to the report.
Mastercard confirmed to Bloomberg that it had received the proposal from the industry association. And that it would collaborate with partners to reduce costs for local merchants accepting foreign bank cards.
According to a statement posted on its website on Tuesday. The industry group made a proposal to global card issuers earlier this week to reduce fees, but did not reveal the specifics of the price reduction.
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