President signs law lowering interchange fee
October 15, 2013
Poland's President Bronislaw Komorowski signed legislation which lowers the cap on interchange fee on payment card transactions to 0.5% of transaction value from the current level of 1.2-1.3%, the President's chancellery informed on Monday.
The new provisions will enter into force on January 1, 2014 but stakeholders have until mid-2014 to adjust the fees to the final cap of 0.5%.
Back in February 2012 Poland called on card payment clearing houses to plot out a means to put interchange payments down to the EU average by 2016, warning that it would take that regulatory action on its own if that call was not heard. Poland's central bank came up with its own compromise proposal, but that attempt failed through mid-2012 as not all parties went on board.