Through working with the French Competition Authority, both payments companies will slash their fees in the country by nearly half from November onwards. Under the deal, customers with either a MasterCard or Visa credit or debit card will see their transaction costs drop significantly, with both firms charging a maximum of just 0.28% of the cost of the transaction to process it. This is a 49% decrease on MasterCard's current average, with Visa falling just behind with a 44% agreed reduction. ATM withdrawals for the pair will also be capped at just 0.55 euros.

The agreement aims to mirror the same charges made by the French interbank network Groupement des Cartes Bancaires, which also struck a similar reduction deal back in 2011.