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Visa, Mastercard see final report on UK card scheme, processing services

( March 6, 2025, 08:34 GMT | Official Statement) -- MLex Summary: A lack of competition in the market for card scheme and processing services meant that Mastercard and Visa may have charged UK businesses significantly more than they'd otherwise have been able to, the Payment Systems Regulator said today. Between 2017 and 2023, the two leading providers raised their core scheme and processing fees by more than 25 percent. “The confusing information Mastercard and Visa make available to acquirers and merchants contributes to poorer market outcomes through raising their costs of dealing with this overly complex information,” said David Geale, the PSR's managing director. An interim report published last year had reached the same conclusion, and the watchdog has promised to consult on potential remedies shortly.Statement below, report attached. ...

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