20 SEPTEMBER, 2019
Visa has announced the removal of the return interchange fees on interregional refund transactions with consumer cards. This will affect merchants transacting in the European Economic Area (EEA) when accepting cards issued outside the EEA.
Effective 19 October, 2019, Visa will remove the interchange fee on interregional refund transactions on consumer cards. Interchange fees on these transactions have previously been partially returned by Visa, which will no longer be the case.
These updates are announced in relation to the Interchange regulation (Visa/MC commitments to the European Commission as announced in this article) being introduced on interregional consumer cards for purchase transactions.
Merchants with a high share of interregional refund transactions may be affected by this change.