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Thursday September 19, 2013 MYT 12:00:00 AM
Thursday September 19, 2013 MYT 6:32:59 AM
The Competition Commission of Singapore (CCS) said that it had found Visa Worldwide’s multilateral interchange fee system (MIF) compliant with the Competition Act here.
Interchange fees are fees paid by the banks that process purchases on behalf of store to Visa.
The fees are ultimately borne by retailers, who have to pay the banks that process their purchases a certain percentage.
Retailers have complained that the fees are too high and are not transparent.
CCS’ assessment was in response to Visa Worldwide which wanted to know whether its MIF system would violate the Competition Act.
In particular, the Section 34 prohibition against anti-competitive agreements.
After reviewing the case, CCS said that it had not found any evidence suggesting that “the MIF system had resulted in an appreciable adverse effect on competition in Singapore”.
It has thus concluded that it did not infringe upon the Act. — The Straits Times / Asia News Network
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