Skip to content
  • Home
  • About
  • Contact
  • Page
  • ​Master SEO Tactics
  • Top 9 Finance News Websites Ranking
wikifx

wikifx

  • Home
  • About
  • Contact
  • Page
  • ​Master SEO Tactics
  • Top 9 Finance News Websites Ranking
  • Toggle search form
  • Robinhood goes to a “primarily remote approach” workplace forex news
  • IG enables trading inflation expectations via new inflation indices forex news
  • How do I protect myself from cryptocurrency scams? forex news
  • Exclusive: Abdelhadi Laabi joins Capex.com as MENA region CMO forex news
  • Interactive Brokers introduces model portfolios in PortfolioAnalyst forex news
  • MFSA warns of FXCityIndex showing fake license forex news
  • Interactive Brokers TWS enables investing in Mutual Funds via Model Portfolios forex news
  • Trial of former JPMorgan traders gets postponed forex news

UK Treasury Committee examines increasing cost of card payments for businesses

Posted on 2022-01-14 By admin No Comments on UK Treasury Committee examines increasing cost of card payments for businesses

The UK Treasury Committee has published correspondence on the increasing cost of card payment services for businesses in the UK.

In response to a letter from the Committee Chair, the Payment Systems Regulator (PSR) outline that they have not seen evidence that the costs of operating payment services have increased for card issuers to warrant the recent increases in fees.

Interchange fees are paid by businesses to card issuers each time a card is used by a consumer. In October, both Mastercard and Visa increased cross-border interchange fees for debit and credit card transactions, from 0.2% to 0.3% and 1.15% to 1.5% respectively. According to the PSR, the two card companies account for 99% of all card transactions.

Amazon has recently prevented consumers from paying with Visa credit cards as a result of the increased fees.

Scheme fees, which are paid by businesses to card payment operators for use of the service, have also risen substantially, with average fees more than doubling between 2014 to 2018.

In the correspondence, the PSR suggest that, if it becomes apparent that there are no real prospects of improving competition in the market, they would be willing to consider additional regulation to protect consumers and businesses from rising prices. The PSR also outline that they intend to finalise their strategy and publish a remedies consultation on their market review in January.

The Committee will be holding an accountability hearing with the leadership of the PSR on Wednesday 9 March, which will explore the regulator’s role and success in promoting competition within the market and protecting consumers from rising prices.

Commenting on the correspondence, Rt. Hon. Mel Stride MP, Chair of the Treasury Committee, said:

“There have been significant increases in the fees businesses have to pay to use debit and credit card facilities in recent times. These impose an additional cost on businesses, many of whom are already hard pressed and facing financial difficulties due to the uncertainties of the pandemic.

“Given that Visa and Mastercard currently dominate this space, it’s vital to ensure that there is sufficient regulation and competition in the market so that businesses are not subject to ever-increasing servicing costs. My committee will be closely following the PSR’s plans to protect consumers and businesses from rising prices, and we look forward to exploring these issues in greater depth when they appear before the Committee in March.”

forex news Tags:forex-news

Post navigation

Previous Post: Afterpay to be removed from S&P/ASX 200 Index
Next Post: Samtrade FX updates on trading and withdrawal freeze

Related Posts

  • Exclusive: IG promotes Nicos Demetriades to head Cyprus operation BrightPool forex news
  • CME fines and suspends several traders for disruptive practices forex news
  • Saxo Bank volumes drop 10%+ in November, FX under $100B forex news
  • Keep Silence to FX Scams? NO! These Scams Need to Know forex news
  • Citi ordered to produce material related to DOJ FX spot market investigation forex news
  • Moscow Exchange to launch after-hours trading in bonds forex news

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • EUR/USD Holds Near 1.05 as Fed, ECB Policies Shape Market Sentiment
  • Gold Prices Hold Steady Amid Global Economic Uncertainty
  • Australian Dollar: How RBA Policies, Commodity Prices, and Global Tensions Are Shaping the AUD’s Market Performance
  • EUR/USD: Understanding the Currency Pair’s Trends
  • USD Under Pressure: Navigating Economic Data and Global Uncertainties

TAG

Axiory Review 2022 B2B B2Broker News Basic Forex Knowledge broker brokers brokers in the UK Brokersview Broker tools CFDs coin News cryptocurrency Cryptocurrency News Crypto News dogecoin FCA news finance forex forex-news Forex Broker Forex Brokers Forex Demo Account Forex market forex news forex scams forex time Forex trading fx fxtrader fxtrading Global Forex Gold Analysis HotForex InstaForex LiteForex Review 2022 markets work MT4 MT5 news OctaFX Review Samtrade FX South Africa trade Forex traders Trading Forex
  • FCA issues final notice to Finablr forex news
  • Swissquote announces strategic partnership with Luzerner Kantonalbank forex news
  • IG seeks feedback on trading platform charting forex news
  • Interactive Brokers registers 20% M/M drop in DARTs in Dec 2021 forex news
  • FINVASIA Group acquires ActTrader forex news
  • Interactive Brokers introduces new fund sector in PortfolioAnalyst forex news
  • Michael Warren joins Ripple BoD forex news
  • SEC’s plan for distribution of $6.1M Unikrn penalty not ready yet forex news

Copyright © 2025 wikifx.

Powered by PressBook News WordPress theme