Source: PSR
We are carrying out a market review looking at cross-border interchange fees, which are paid by acquirers to issuers every time consumers use debit or credit cards for online transactions between the UK and the European Economic Area (EEA).
We are focusing on the charges set by Mastercard and Visa because they account for 99% of debit and credit card payments in the UK.
We had originally intended to publish our interim report by the end of Q3 2023; however we now plan to publish by the end of this year.
Market reviews are complicated and detailed pieces of work. This change will ensure that we can satisfactorily explore all avenues towards a positive conclusion of this market review.