A further consultation on MIF has been published by HM Treasury which has discretionary powers over the process to implement the credit (0.3%) and the debit (0.2%) cap in the interchange fees charged by card issuers such as Visa for clearing transactions.
The ACT has responded to note that the ad valorem fee for debit cards, hitherto charged as a flat fee, will increase costs for many forms of purchase including utility, travel, household whitegoods, and vehicles.
The ACT has responded to request HMT uses its discretionary powers under the MIF EU regulations to reduce this apparently unintended UK effect as much as possible.
