FOSTER CITY, Calif.—Mastercard and Visa have both agreed to cut their fees for tourists using their cards in the European Union.
The move comes after a long-running battle with the European Commission, BBC news said.
The credit card firms will now charge retailers around 40% less on non-E.U. credit and debit cards payments.
The European Commission said the deal would lead to "lower prices for European retailers to do business."
“Ultimately, the commission said this should lead to lower prices for tourists to the European Union,” BBC News said.