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The Payment Systems Regulator said UK firms paid up to an extra £200 million last year alone after rises in fees.
The Payment Systems Regulator (PSR) has zeroed in on escalating cross-border interchange fees levied by major card operators Mastercard and Visa, proposing a cap on these fees to protect UK businesses from unfair charges.
The cost of using your card online to buy a shipment from France has soared fivefold since Brexit.
Visa and Mastercard face watchdog review into card fees as retailers face FIVE-FOLD increase in charges for online payments from EU after Brexit
21/06/2022
Card fees for online transactions between UK and EU up five-fold since Brexit.
Visa and Mastercard's proposal to raise scheme fees and U.K. interchange rates on cross-border transactions post-Brexit has increased pressure on regulators to cap them, and on merchants to seek alternatives.
The new rules come into force later this year.
Change from October could lead to higher prices for those paying with UK-issued cards