The present paper explores issues surrounding multilateral interchange fees (MIFs) in payment card markets from various angles. A constructive dialogue among the stakeholders involved is key in this debate. Transparency and clarity with respect to the real costs and benefits of different payment instruments are indispensable for a modern and harmonised European retail payments market. Interchange fees (if any) should be set at a reasonable level so as to promote overall economic efficiency in compliance with competition rules.JEL code: G21, D43, L13.