Credit and Debit Card Interchange Fees in Various Countries

June 2012 Update

Payments System Research Department†

Federal Reserve Bank of Kansas City

† Fumiko Hayashi, a senior economist, and Elizabeth Antonious, a research associate, compiled this update. The original charts are appeared in Hayashi, Fumiko. 2010. “Payment Card Interchange Fees and Merchant Service Charges – An International Comparison,” Lydian Payments Journal, 1(3): 6-22.

2

0.0

0.5

1.0

1.5

2.0

2.5A

ustri

a (1

2)

Bel

gium

(11)

Bul

garia

(1)

Cyp

rus (

21)

Cze

ch R

epub

lic (2

)

Den

mar

k (1

3)

Esto

nia

(13)

EU c

ross

-bor

der (

-)

Finl

and

(16)

Fran

ce (-

)

Ger

man

y (6

)

Gre

ece

(6)

Hun

gary

(3)

Irel

and

(24)

Ital

y (1

0)

Latv

ia (8

)

Lith

uani

a (3

)

Luxe

mbo

urg (

57)

Mal

ta (1

2)

Net

herla

nds (

6)

Nor

way

(16)

Pola

nd (5

)

Portu

gal (

19)

Rom

ania

(1)

Slov

akia

(2)

Slov

enia

(20)

Spai

n (2

7)

Swed

en (3

7)

Switz

erla

nd (2

1)

UK

(35)

Aus

tralia

(77)

New

Zea

land

(103

)

Can

ada (

88)

US

(69)

Percent

2012 Credit IF Rates: Retail (Face-to-Face)

MC no-premium MC premium Visa no-premium Visa premium( ) Per capita credit or delayed debit card transactions per year.

3

0.0

0.5

1.0

1.5

2.0

2.5A

ustri

a (1

2)

*Bel

gium

(11)

*Bul

garia

(1)

Cyp

rus (

21)

*Cze

ch R

epub

lic (2

)

Den

mar

k (1

3)

*Est

onia

(13)

*EU

cro

ss-b

orde

r (-)

*Fin

land

(16)

*Fra

nce (

-)

Ger

man

y (6

)

*Gre

ece

(6)

*Hun

gary

(3)

*Ire

land

(24)

*Ita

ly (1

0)

*Lat

via

(8)

*Lith

uani

a (3

)

*Lux

embo

urg (

57)

*Mal

ta (1

2)

*Net

herla

nds (

6)

Nor

way

(16)

*Pol

and

(5)

*Por

tuga

l (19

)

*Rom

ania

(1)

Slov

akia

(2)

*Slo

veni

a (2

0)

Spai

n (2

7)

*Sw

eden

(37)

Switz

erla

nd (2

1)

*UK

(35)

*Aus

tralia

(77)

*New

Zea

land

(103

)

Can

ada (

88)

US

(69)

Percent

2012 Credit IF Rates: Grocery

MC no-premium MC premium Visa no-premium Visa premium( ) Per capita credit or delayed debit card transactions per year. *No grocery specific rate set by either or both networks; retail rate from Visa, MasterCard or both applies.

4

0.0

0.5

1.0

1.5

2.0

2.5

Aus

tria

(12)

*Bel

gium

(11)

*Bul

garia

(1)

Cyp

rus (

21)

*Cze

ch R

epub

lic (2

)

*Den

mar

k (1

3)

*Est

onia

(13)

*EU

cro

ss-b

orde

r (-)

*Fin

land

(16)

*Fra

nce (

-)

Ger

man

y (6

)

*Gre

ece

(6)

*Hun

gary

(3)

*Ire

land

(24)

Ital

y (1

0)

*Lat

via

(8)

*Lith

uani

a (3

)

*Lux

embo

urg (

57)

*Mal

ta (1

2)

*Net

herla

nds (

6)

*Nor

way

(16)

*Pol

and

(5)

Portu

gal (

19)

Rom

ania

(1)

Slov

akia

(2)

*Slo

veni

a (2

0)

Spai

n (2

7)

*Sw

eden

(37)

Switz

erla

nd (2

1)

*UK

(35)

Aus

tralia

(77)

*New

Zea

land

(103

)

Can

ada (

88)

US

(69)

Percent

2012 Credit IF Rates: Gas Station

MC no-premium MC premium Visa no-premium Visa premium( ) Per capita credit or delayed debit card transactions per year. *No gas station specific rate set by either ot both networks; retail rate from Visa, MasterCard or both applies.

5

0.0

0.5

1.0

1.5

2.0

2.5

3.0A

ustri

a (1

2)

Bel

gium

(11)

Bul

garia

(1)

Cyp

rus (

21)

Cze

ch R

epub

lic (2

)

Den

mar

k (1

3)

Esto

nia

(13)

EU c

ross

-bor

der (

-)

Finl

and

(16)

Fran

ce (-

)

Ger

man

y (6

)

Gre

ece

(6)

Hun

gary

(3)

Irel

and

(24)

Ital

y (1

0)

Latv

ia (8

)

Lith

uani

a (3

)

Luxe

mbo

urg (

57)

Mal

ta (1

2)

Net

herla

nds (

6)

Nor

way

(16)

Pola

nd (5

)

Portu

gal (

19)

Rom

ania

(1)

Slov

akia

(2)

Slov

enia

(20)

Spai

n (2

7)

Swed

en (3

7)

Switz

erla

nd (2

1)

UK

(35)

Aus

tralia

(77)

New

Zea

land

(103

)

Can

ada (

88)

US

(69)

Percent

2012 Credit IF Rates: E-Merchant

MC no-premium MC premium Visa no-premium Visa premium( ) Per capita credit or delayed debit card transactions per year.

6

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

Aus

tria

(38)

Bel

gium

(87)

Bul

garia

(2)

Cyp

rus (

22)

Cze

ch R

epub

lic (1

8)

*Den

mar

k (1

83)

Esto

nia

(111

)

EU c

ross

-bor

der (

-)

*Fin

land

(178

)

Fran

ce (-

)

Ger

man

y (2

7)

Gre

ece

(1)

Hun

gary

(18)

Irel

and

(50)

Ital

y (1

5)

Latv

ia (3

5)

Lith

uani

a (2

7)

*Lux

embo

urg (

71)

Mal

ta (1

9)

Net

herla

nds (

132)

*Nor

way

(261

)

Pola

nd (1

7)

Portu

gal (

90)

Rom

ania

(4)

Slov

akia

(21)

Slov

enia

(37)

Spai

n (2

2)

Swed

en (1

54)

Switz

erla

nd (5

0)

UK

(106

)

Aus

tralia

(103

)

*New

Zea

land

(205

)

*Can

ada (

116)

US

(125

)

Cents

2012 Debit IF for a US$40-Equivalent Transaction: Retail Store (Face-to-Face)

MC Visa Domestic Regulated( ) Per capita debit card transactions per year. *The domestic debit card scheme has zero interchange fees.

7

Notes:

The 2011 average exchange rates are used to convert debit card interchange fees. As for MasterCard interchange fees, Maestro fees are used for European countries and MasterCard signature debit fees are used for Australia and the United States. As for the U.S. domestic interchange fee, the average PIN debit interchange fee for exempt issuers reported by the Federal Reserve Board is used.

Sources:

Europe http://www.ecb.int/pub/pdf/scpops/ecbocp131.pdf http://www.mastercard.com/us/company/en/whatwedo/interchange/Intra-EEA.html http://www.mastercard.com/us/company/en/whatwedo/interchange/Country.html http://www.visaeurope.com/en/about_us/our_business/fees_and_interchange.aspx Australia http://www.eftposaustralia.com.au/corporate/resources/scheme-fees-and-interchange-fees http://www.mastercard.com.au/merchant/getting_started/interchange_rates.html http://www.visa-asia.com/ap/au/mediacenter/factsheets/interchange.shtml New Zealand http://www.mastercard.com/nz/merchant/en/interchangefees/index.html http://www.visa-asia.com/ap/nz/mediacenter/factsheets/interchange.shtml Canada http://www.mastercard.com/ca/wce/PDF/MasterCard_Canada_Interchange_Rate_Programs.pdf http://www.visa.ca/en/aboutcan/mediacentre/interchange/interchange-reimbursement-fees/index.jsp United States http://www.federalreserve.gov/paymentsystems/regii-average-interchange-fee.htm http://www.mastercard.com/us/merchant/pdf/MasterCard_Interchange_Rates_and_Criteria.pdf http://usa.visa.com/download/merchants/visa-usa-interchange-reimbursement-fees-april2012.pdf http://usa.visa.com/download/merchants/interlink-interchange-reimbursement-fees-april2012.pdf