From 19 October, Visa and Mastercard will cut the fees they charge on EU customers using foreign-issued debit and credit cards throughout the European Union, which will also mean that retailers will be charged 40% less for transactions conducted with Mastercard, Maestro, Visa, Visa Electron, and V-Pay issued in the EEA.

European Competition Commissioner Margrethe Vestager said the agreement would “lower prices for European retailers to do business, which will ultimately benefit all consumers”.