Payments regulator proposes cap on Mastercard, Visa cross-border fees

LONDON, Dec 13 (Reuters) - Britain's payments regulator on Wednesday provisionally proposed a cap on cross-border interchange fees charged by Mastercard (MA.N) and Visa (V.N) on transactions made between the UK and European single market...

The Payment Systems Regulator (PSR) said a cap would protect businesses from overpaying, after it published interim findings of a market review on interchange fees charged since Brexit, when the bloc's payments rules ceased to apply in Britain...

"Accepting reliable, secure, and innovative digital payments represents enormous value to UK businesses, especially when selling overseas," the spokesperson said.. "These interchange rates apply to less than 2% of UK card payments - European (EEA) cardholders buying online from a UK seller - and reflect the fact that these transactions are more complex and carry far greater risk of fraud.". Mastercard did not immeditately respond to a request for comment...

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