The Payment System Regulator (PSR) released a consultation on tackling harmful card scheme and processing fees, proposing measures for greater transparency and pricing governance. However, these proposals are seen as insufficient to drive real change. The PSR's findings indicate significant revenue increases for card schemes, particularly Visa and Mastercard, leading to substantial annual costs for UK businesses. Critics argue that without strong pricing interventions, the current issues affecting UK merchants will persist, reflecting a need for more decisive action than the PSR is currently considering.
"Today's consultation represents a failure of vision by the PSR. Their proposed remedies fall well short of the robust measures needed to tackle the harms that have arisen from the dominance of the card scheme operators."
"The harms from the dominance of the card schemes are clear. The PSR's market review into card scheme and processing fees has concluded that the card market is not working well."
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