UK Watchdog to Review Post-Brexit Visa and Mastercard Fees

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Britain's payment systems regulator (PSR) will conduct two market reviews of card fees charged by Visa and Mastercard, the U.S. companies that account for 99% of debit and credit card payments in the UK, Reuters reported. The PSR's announcement yesterday follows heavy pressure from lawmakers to launch full market reviews to tackle card fees paid by retailers, which are typically passed on to consumers. "We want to understand whether card payments are working well and to make sure that merchants, and ultimately consumers, get a good deal," said Natalie Timan, the PSR's head of strategy. Mastercard said that Britain is one of the most innovative and competitive payments markets in the world and the company was committed to working with the PSR to increase choice in the interests of everyone who makes and receives payments. Visa said that it continues to be one of the most cost-effective and secure ways to pay and be paid, adding that it remains committed to offering consumers and businesses in Britain access to innovative, easy, reliable and secure digital payments. Read more.