04:49 AM EDT, 06/21/2024 (MT Newswires) -- China's Payment & Clearing Association is pressing Visa (V) and Mastercard ( MA ) to lower foreign bank card transaction fees, Bloomberg reported, citing an unnamed person familiar with the matter.

The association proposed lowering the fee to 1.5% per transaction instead of the current 2% to 3%, Bloomberg reported.

The association earlier this week said it sought to lower fees for foreign bank transactions to "increase merchants' enthusiasm for accepting foreign cards," according to a Google translation of a statement posted to its website.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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