MasterCard Europe is considering taking legal action against a bill by the Hungarian parliament that limits bank card transaction commissions, the company said Tuesday. "The legislation will affect negatively the development of electronic payment solutions in Hungary and also all players of the bank card market, including cardholders, retailers and banks," MasterCard said in a release Tuesday.
The company also questioned the parliament's decision as it came without public consultation or a preliminary study of the impact, it added.
Hungarian lawmakers approved Monday night to limit the interchange fee on debit card transactions at 0.3% of the value paid but not higher than 53 cents per transaction. For other bank card transactions, the limit is set at 0.8% of the value paid. Transaction fees related to the point of sale terminals have been limited at 2% of transaction value.