The UK payments regulator warns Visa and Mastercard, which process 95% of UK card payments, over excessive fees and lack of competition, costing businesses £170mn annually. It plans potential remedies, including fee caps, to enhance transparency and competition.
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Visa and Mastercard face UK regulatory action over lack of competition
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Unlike interchange fees, which are passed on to banks, scheme and processing fees go directly to card networks. These fees have in the past attracted less scrutiny than interchange fees...
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