Canada says Mastercard, Visa agree to cut fees

Tue Nov 4, 2014 8:38am EST
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TORONTO Nov 4 (Reuters) - Visa Inc and Mastercard Inc have voluntarily agreed to cut the fees they charge to retailers for credit transactions, the Canadian government said on Tuesday, adding it now sees no need to regulate fees set by credit card networks.

The Canadian government said the deal, which sources last week confirmed was in the works, should result in lower prices for consumers.

(Reporting by Jeffrey Hodgson)