It is no secret that MasterCard and Visa Own the UK payments scene. This is because they hold 99% of both credit and debit card payments in the UK. In 2021, credit and debit card payments totaled about £182 and £702 billion, respectively.
So, the UK payments regulator will review the processing and scheme fees for MasterCard and Visa. Also, this payment watchdog will review MasterCard and Visa’s charges for cross-border interchange fees.
These reviews come against the backdrop of rising costs in acquiring fees and different private bodies complaining about high fees.
The review will help authorities determine if there are weak restrictions on these two giants. Also, the watchdog will check if there is too much power in MasterCard and Visa in determining scheme and processing fees.