Mastercard, Visa and British fintech Revolut on Thursday lost a legal challenge to Britain’s payments regulator over its plans to introduce a cap on cross-border card fees, according to Reuters.
The three companies brought a case at London’s High Court after the Payments System Regulator (PSR) said in December 2024 that it would consult on whether to introduce a cap on fees charged when European consumers buy online from UK businesses.
The PSR – which Britain said last year it would abolish to cut red tape in favour of growth – had previously set out concerns that Mastercard and Visa had raised fees to an „unduly high level”.
Mastercard, Visa and Revolut argued that the PSR did not have the power to impose price caps, the level and timing of which have not yet been decided.
Judge John Cavanagh, however, rejected the challenge and ruled that the PSR does have the power to impose its proposed price caps on interchange fees.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
