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The Independent UK
The Independent UK
Business
Anna Wise

Mastercard and Visa raising fees but not improving quality, watchdog warns

Visa Mastercard PSR Payment Systems Regulator The Payment Systems Regulator United Kingdom
PA Archive

Mastercard and Visa do not face enough competition in the payments market, meaning UK businesses are forced to pay higher fees to process transactions, according to a new report by the UK payments watchdog.

The Payment Systems Regulator (PSR) said it has provisionally concluded the cards market is not working well and it is considering placing new rules on the two major players.

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