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Mastercard, Visa, Union Pay disclose interchange fees in Japan, following push by JFTC, METI

( December 1, 2022, 03:06 GMT | Official Statement) -- MLex Summary: Mastercard, Visa and Chinese credit-card brand Union Pay have disclosed their respective interchange fees in Japan, after being urged by the country's competition and industry regulators to do so. A joint statement from the Japan Fair Trade Commission and the Ministry of Economy, Trade and Industry urged the international credit-card companies to disclose their fees, which are paid by the merchant’s bank to the cardholder’s bank when the cards are used. The fees are major part of payments retailers and restaurants make to their banks, called acquirers, according to the JFTC’s previous market survey. With international credit card companies disclosing their fees in other jurisdictions, the two regulators urged the companies to increase transparency in order to help Japanese merchants to negotiate fees to foster competition. METI also wants to encourage the merchants to introduce cashless settlements.A statement in Japanese follows....

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