The UK's Payments Regulator Calls out Visa and Mastercard for Fee Increases but Stops Short of any Real Action?
Publisher: Bankhawk
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The UK's Payment Systems Regulator (PSR) has released interim findings on Card Scheme Fees, criticizing Visa and Mastercard for fee increases. Originally member-owned, both companies transitioned to publicly listed entities, with fee hikes anticipated following Visa Europe's acquisition by Visa Inc. in 2016. PSR's review highlights a significant increase in scheme revenues from merchants, with fees rising by 27% in 2022 compared to the previous year. Despite high profit margins for Visa and Mastercard, PSR's proposed actions are limited to demanding more detailed information and broader consultation on fee changes, likely resulting in continued fee hikes for merchants and ongoing confusion for acquirers.
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