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.
The new rules come into force later this year.
The Payment Systems Regulator said UK firms paid up to an extra £200 million last year alone after rises in fees.
Change from October could lead to higher prices for those paying with UK-issued cards
The cost of using your card online to buy a shipment from France has soared fivefold 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 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.