Mastercard and Visa are to cut their fees for tourists using non-EU debit and credit cards in Europe by around 40%.
The lower fees to retailers should lead to lower prices for tourists to countries within the EU, said the European Commission.
Under the new deal, Mastercard and Visa will both charge a 0.2% transaction fee on non-EU debit card payments in shops and a 0.3% fee on credit card payments from October 19.
This will bring their fees in line with those charged for cards issued in the EU. The newly agreed rates will apply for five years.
