(Reuters) – China is pushing Visa (NYSE:) and Mastercard (NYSE:) to cut fees for bank card transactions in the country as part of efforts to make payments easier for foreign visitors, Bloomberg News reported, citing a person familiar. with business.
The China Payments and Clearing Association is in talks with global card issuers including Visa and Mastercard to reduce fees charged for foreign card transactions, according to a report published Friday.
The association proposed reducing the commission from 2-3% to 1.5%, the report said.
Mastercard told Bloomberg it received a proposal from an industry association and said it would work with partners to lower costs for local merchants accepting foreign bank cards.
Visa and Mastercard did not immediately respond to Reuters requests for comment.
Earlier this week, the industry group sent a proposal to global card issuers to cut fees, according to a statement posted on its website Tuesday, without disclosing details of the price cuts.