International Card Services (ICS), a Dutch credit-card issuer, has announced plans to refund excessive interchange fees charged for its ICS Go Card. This decision follows discussions with the Netherlands Authority for Consumers and Markets (ACM), which highlighted that ICS had incorrectly classified the Go Card as a credit card.

The misclassification led to ICS charging higher interchange fees than allowed under European regulations, which are designed to protect retailers and consumers from excessive costs. The interchange fee is the fee paid by a retailer's bank to the consumer's bank when a payment card is used.

In response to ACM's findings, ICS has committed to several corrective measures. These include refunding the excess fees to banks, withdrawing the Go Card from the market, and implementing compliance measures to prevent future occurrences of similar issues.

ACM plays a crucial role in overseeing the payments market to ensure fair competition and adherence to the European Interchange Fee Regulation, which sets limits on interchange fees. The authority will monitor ICS's actions to ensure compliance and protect consumer interests.