China Said to Ask Visa, Mastercard to Cut Transaction Fees (1)

China is pushing for Visa Inc.and Mastercard Inc. to lower their bank card transaction fees in the country, a person familiar with the matter said, as part of an effort to facilitate payments for foreign visitors.

The Payment & Clearing Association of China is negotiating with global card issuers including Visa and Mastercard on lowering fees local merchants are charged on foreign card transactions. The association proposed trimming the fee to 1.5% from 2-3%, the person said. The person requested anonymity discussing private matters.

The negotiations are ongoing and the fee cut details could change.

Mastercard acknowledged it has ...