News Brief 7/18/2011, Tammuz 16, 5771
Credit Card Competition Law Approved for Reading
A law to open up the credit card market to competition was approved for its second and third Knesset reading. Credit card issuers will now be required to allow competing companies to process transactions made with their cards. The law was approved for a Knesset vote by the Knesset Economics Committee.
Speaking after the approval, Finance Minister Yuval Steinitz said that the law was “very important,” and would encourage lower credit card fees.