Visa & Mastercard have offered to cut non-EU card fees to stave off fines and end the European Commission’s antitrust probe.

On Monday, the European Union’s antitrust chief Margrethe Vestager stated, it has accepted an offer by Visa and Mastercard to cut fees on payments made by tourists using cards issued outside the bloc to stave off fines and end EU’s antitrust investigation into its operations.

“This, together with our January 2019 decision on Mastercard’s cross-border card payment services, will lead to lower prices for European retailers to do business, ultimately to the benefit of all consumers,” said Vestager said in a statement.

A statement by the European Commission went on to add, these commitments by Visa and Mastercard will cut multilateral interchange fees by 40% on average.

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Tags: antitrust investigation, antitrust probe, bloc, card payment services, cross-border, cut fees, European Commission, European retailers, fines, lower prices, Margrethe Vestager, Mastercard, multilateral interchange fees, non-EU cards, outside, payments, tourists, Visa