MasterCard Considers Challenging Hungarian Card-Fee Bill

MasterCard Europe earlier this month said is considering taking legal action against a bill the Hungarian parliament approved Monday that would limit bankcard transaction commissions, report Dow Jones. "The legislation will affect negatively the development of electronic payment solutions in Hungary and also all players of the bankcard 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. The bill limits the interchange fee on debit card transactions at 0.3% of the value paid, capped at 53 cents per transaction. For other bankcard transactions, the limit is 0.8% of the value paid. The bill also limits transaction fees related to point-of-sale terminals to 2% of the transaction value.