C'tee approves bill to increase credit card competition

December 6, 2010 17:13

The cabinet's legislation committee authorized a bill proposal on Monday that would promote greater competition in the Israeli credit card market by requiring credit card companies to transmit the transaction of competitor companies' cards.

The proposed law will reduce the fees paid by businesses to different credit companies to process credit card payments, said Likud MK Danny Danon, who presented the bill. The bill will now move to the Finance Committee for deliberation.

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