PSR
announces market reviews into scheme and processing fees and cross-border
interchange fees
The
Payment Systems Regulator (PSR) has published draft terms of reference for
proposed market reviews into card scheme and processing fees (MR22/1.1) and
UK-EEA consumer cross-border interchange fees (MR22/2.1).
The
reviews will focus on Mastercard and Visa. The PSR has invited comments on both sets of draft terms of
reference by 2 August 2022 and plans to issue final terms of reference in
Autumn 2022.
The
reviews have been launched against concerns about the increases in both
categories of fees. The PSR is seeking
to understanding whether the markets connected with scheme and processing fees
are working well. Its reviews will
examine the structure and types of scheme and processing fees and will build on
the PSR’s market review into card-acquiring services
The
PSR observes increases in cross-border interchange fees for some card transactions
between the UK and the EEA where the cardholder is not present. It finds that Visa and Mastercard have increased
these fees five-fold since the UK’s departure from the EU.
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