China is pushing Visa (NYSE) and Mastercard (NYSE) to reduce their bank card transaction fees for foreign visitors, Bloomberg News reported. The Payment & Clearing Association of China proposes lowering the fees from 2-3% to 1.5%, potentially reducing costs for foreign nationals. While merchants typically bear these fees, they often pass them on to customers through higher prices. Regulators globally are working to curb such fees, and Mastercard has indicated its willingness to collaborate on reducing costs for merchants in China.
