The shares of the world’s greatest emitters of plastic cards Visa and MasterCard lost 3.9% and 1.5% correspondingly during the trades on June 8. The Financial Times informs that the fall followed the US Senate having declined the bill which was proposed by the largest national banks and payment systems with an aim to introduce restrictions on the card commission size.
According to the data provided by the Financial Times, the bill implied a 12 cent card commission charged for each transaction, i.e. the commission would be reduced by 70%. At present it amounts to nearly 1.14% of the price of purchase paid by card.
Bloomberg informs, that new restrictions which are to come into effect on July 21 will result in lower income of the US largest banks (including Citigroup, Bank of America, Wells Fargo и JPMorgan Chase) and payment systems: it decreased by almost USD 12 bln. a year. On June 8 Citigroup shares lost 2.1% and those of the Bank of America - 1%.
In 2010 the US authorities also toughened the regulations concerning the market of credit cards in the country. Thus, the Federal Reserve System lowered most fines on credit cards from USD 39 to USD 25. Moreover, banks obliged themselves to inform their clients of higher loan rates and altered card commissions 45 days in advance.
