Regulator set to limit card fees after Visa and Mastercard price hikes

cityam2024-12-13

The PSR found increases in cross border interchange fees since 2021/2022 are costing businesses £150m to £200m extra per year. The UK’s payments regulator has confirmed plans to introduce price caps ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2491637224?lang=en_US&edition=fundamental","thumbnail":"https://www.cityam.com/wp-content/uploads/2024/05/010-mastercard.jpg?w=286&h=161&crop=1","is_english":true,"pubTime":"2024-12-13 17:23","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2491637224","market":"fut","top_or_hot":-1,"title":"Regulator set to limit card fees after Visa and Mastercard price hikes","media":"cityam","content":"<div>\n<p>The PSR found increases in cross border interchange fees since 2021/2022 are costing businesses £150m to £200m extra per year. The UK’s payments regulator has confirmed plans to introduce price caps ...</p>\n\n<a href=\"https://www.cityam.com/regulator-set-to-limit-card-fees-after-visa-and-mastercard-price-hikes/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Regulator set to limit card fees after Visa and Mastercard price hikes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRegulator set to limit card fees after Visa and Mastercard price hikes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-13 17:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/regulator-set-to-limit-card-fees-after-visa-and-mastercard-price-hikes/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The PSR found increases in cross border interchange fees since 2021/2022 are costing businesses £150m to £200m extra per year. The UK’s payments regulator has confirmed plans to introduce price caps ...</p>\n\n<a href=\"https://www.cityam.com/regulator-set-to-limit-card-fees-after-visa-and-mastercard-price-hikes/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4598","symbol_name":"佩洛西持仓","start_time":0,"source_url":"https://www.cityam.com/regulator-set-to-limit-card-fees-after-visa-and-mastercard-price-hikes/","article_id":"2491637224","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2024/05/010-mastercard.jpg?w=286&h=161&crop=1"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2491637224","pubTimestamp":1734081794,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"The PSR found increases in cross border interchange fees since 2021/2022 are costing businesses 150m to 200m extra per year. The UK’s payments regulator has confirmed plans to introduce price caps on card fees paid by British merchants when European consumers make online purchases, after Visa and Mastercard hiked prices post-Brexit.After proposing some restrictions a year ago, the Payment Systems Regulator  is moving ahead with a consultation to decide at what level they should be set.The PSR is concerned about charges set by Visa and Mastercard on behalf of banks which apply to online transactions between the UK and European Economic Area.It is considering an initial cap of 0.3 per cent on credit card fees and 0.2 per cent for debit card spending, which would restore the limit which had been in place before Brexit.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4598":"佩洛西持仓","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","V":"Visa","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","BK4566":"资本集团","LU0079474960.USD":"联博美国增长基金A","BRC":"布雷迪","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","MA":"万事达","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","LU1043141123.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) INC 2","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU2317271919.USD":"BGF FUTURE CONSUMER \"A2\" (USD) ACC","PSR":"Invesco Active U.S. Real Estate ETF","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc"},"translate_title":"Visa和万事达卡涨价后监管机构将限制卡费","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"V":1,"BRC":1,"PSR":1,"MA":1},"content_text":"The PSR found increases in cross border interchange fees since 2021/2022 are costing businesses £150m to £200m extra per year. The UK’s payments regulator has confirmed plans to introduce price caps on card fees paid by British merchants when European consumers make online purchases, after Visa and Mastercard hiked prices post-Brexit.After proposing some restrictions a year ago, the Payment Systems Regulator (PSR) is moving ahead with a consultation to decide at what level they should be set.The PSR is concerned about charges set by Visa and Mastercard on behalf of banks which apply to online transactions between the UK and European Economic Area.It is considering an initial cap of 0.3 per cent on credit card fees and 0.2 per cent for debit card spending, which would restore the limit which had been in place before Brexit.\n\nWhen the UK left the EU, Visa and Mastercard raised these interchange fees fivefold to 1.5 per cent for credit cards and 1.15 per cent for debit cards. The American giants have roughly 98 per cent market share in UK card payments.“Due to a lack of competition, Mastercard and Visa were able to raise cross-border interchange fees to an unduly high level,” said David Geale, the PSR’s managing director.“We consider that consulting on a range of options for capping prices is the best way forward to ensure UK businesses get a better deal.”The PSR found Visa and Mastercard’s price hikes are costing British businesses £150m to £200m extra per year.\n\nIt is also consulting on a cap that could allow issuers to cover the costs of a transaction.“Artificial controls on interchange do not reflect the commercial reality of today’s market and, if not set at the right level, can negatively impact the value people and businesses receive from card payments,” a Mastercard spokesperson said, adding that it will continue to engage with the PSR.A Visa spokesperson said it still disputes the PSR’s overall findings. They added that any new rules should not “lead to uncertainty and unintended consequences”, which could threaten “the UK’s leading status as a competitive, thriving and innovative payments ecosystem”.European lawmakers have also pushed back against the PSR’s plans. In a letter seen by City AM, several members of the European Parliament told the regulator earlier this month that it should review its proposals and warned banks in their countries could lose out on revenue.\n\nChris Owen, payments policy advisor at the British Retail Consortium (BRC), welcomed the PSR’s plans and said UK retailers paid an “excessive” £1.64bn in card fees last year.The BRC has called for fees to be dropped to zero per cent until retailers recoup the extra costs from the price increases.“We now urge the Treasury to conduct a full review of interchange fees to assess whether they are even fit for purpose in the UK market,” Owen said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2491637224"}