Abolition of interbank commissions: what does that change?

LE SCAN ECO – The Minister of Finance announced on Tuesday the abolition of part of the interbank commissions. What does this mean for traders and consumers alike? The explanations of the Figaro.

While the bank card is the preferred means of payment for 71% of French people, Michel Sapin announced in the abolition of the fixed part of. Le Figaro reviews their operation and the impact on consumers.

• What is an interbank commission?

“The interbank payment related commission (CIP) is a transfer of receipts to the benefit of the bearer’s bank”, explains the Competition Authority. It allows the latter not to pay for each transaction carried out. Concretely, “when you pay with a bank card at a merchant, it can be in the same banking establishment as you. In this case, the payment remains in the same bank, specifies, lawyer specializing in competition law. On the contrary, if the merchant is in another bank, the payment leaves the ecosystem. Interbank commissions have therefore been put in place to establish a balance between the flows of banks and so as not to have the bearer bear these costs each time he pays by card ”.

Interbank fees are divided into two parts: “a fixed part and a variable part depending on the amount of the payment”. The fixed part is determined by the banks themselves. The Minister of Finance has announced its elimination and would also like to reduce the variable part. Last March, the European Parliament passed legislation limiting interbank fees to 0.3% of the value of transactions.

• What impact for traders?

“The minimum commission borne directly by merchants on card transactions, when they exist, must be at least halved”, declared Michel Sapin in The echoes. With this proposal, he wants to promote the use of card payment for modest sums. For small expenses, cash remains the first reflex of the French. “This may represent a decrease in amounts because it would reduce the cost of payment for the merchant, notes Renaud Christol. Merchants who receive small payments would not be affected, but larger ones could be if the variable part was not reduced or even increased. We could also fear an increase in the costs of making card payment terminals available. The banks’ shortfall could be passed on. ”

• What impact for customers?

This is good news for consumers, for whom these charges will have less impact on the prices of their purchases. “This represents lower fees, and thus encourages small payments. But banks could also compensate for this elimination by increasing the costs borne by consumers, such as the amounts of contributions for bank cards, ”warns Renaud Christol.