Payments News

UK Retailers Press For Commercial Card Interchange Fee Caps

Feb 27, 2019

The European Union’s (EU’s) battle against U.S. card company interchange fees reached new levels earlier this year when the European Commission (EC) issued a $648.3 million fine against Mastercard for its swipe fees, which regulators said drove up prices for retailers and consumers, and hampered competition.

It marked the latest chapter in a long-standing saga, as the European Commission and U.K. Payment Systems Regulator (PSR) continue their probes into competition of the card-acquiring space, with Mastercard and Visa offering late last year to cut swipe fees on tourist cards to help end the EC’s investigation.

Meanwhile, the EC has extended the deadline to release its review of the effectiveness of the Interchange Fee Regulation (IFR), which came into effect in 2015.

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