"Fees charges on card payments vary widely across the market, but could be costing businesses billions of pounds each year, costs they have to pass onto customers."
"By using different payment methods and utilising new technologies, businesses could be saving up to £13 billion a year in fees, savings that can be passed onto consumers, helping keep more money in people's pockets."
"With the cost of living continuing to hit people and inflation continuing to push prices up, this industry is prime for disruption. With more secure, faster, and cheaper technology now available, there is a real opportunity to change the way we pay for goods and services and save businesses and individuals money."
Card payments represent 85% of UK spending after COVID, with £1 trillion spent on cards in 2024. Card providers apply multiple transaction fees that vary by provider and card type. Debit card processing fees typically range from 0.4% to 1.7% and credit card fees from 0.7% to 3.5%, with some transactions reaching as high as 6%. If the average fee was 2%, annual fees would total about £20 billion. New payment technologies and alternative methods could reduce fees, enabling businesses to save up to £13 billion a year and pass savings to consumers amid rising living costs.
Read at London Business News | Londonlovesbusiness.com
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