Introduction In 2011, the Romanian Competition Council (the “RCC”) launched a sector inquiry in relation to the market focused on: (i) how the interchange fees on the payment cards market are established; (ii) how the level of interchange fees and the taxes paid by the merchants to the acquiring bank (which owns the POS) for the services provided in card transactions is established; (iii) the profitability of the payment cards sector; (iv) the degree of concentration on the market of payment cards. For the aforementioned sector inquiry, information were requested from 28 Visa / MasterCard member banks, from 22 economic agents with activity in various fields (hypermarkets, supermarkets, travel agencies, restaurants) and from Visa Europe and MasterCard organizations. The RCC issued the
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