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UK payment regulator to probe post-Brexit card charges

The UK Payment Systems Regulator is set to investigate Visa and MasterCard card charges, focusing on the post-Brexit jump in processing fees and cross-border transaction fees.

“Since Britain left the EU, visa And MasterCard has increased those fees fivefold, “the watchdog said in a statement on Tuesday.

She added that she seeks to “understand the logic behind these increases and whether they indicate that the market is not working well.”

MasterCard And Visa process almost all debit and credit card payments in the UK.

The restriction on transaction fees between the UK and Europe was lifted after the UK left the EU, allowing ticket operators to increase cross-border payment charges.

Natalie Tyman, PSR’s strategy director, said the tests would help the watchdog “understand if card payments are working well and make sure merchants, and ultimately consumers, get a good deal.”

The results of the tests “will announce any decision regarding the steps we must take to promote effective competition or address any damage,” she added.

UK payment regulator to probe post-Brexit card charges Source link UK payment regulator to probe post-Brexit card charges

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