Britain’s payments watchdog will review banks who process card transactions on behalf of merchants, such as retailers, following concerns that customers may not be getting the best deal reported the Financial Times. The Payments Systems Regulator (PSR) on Tuesday said it was concerned that some retailers “are suffering significant harm because competition in the supply of card-acquiring services is not working well.”
The PSR published draft terms of its review into card-acquiring services provided by the mayor who accept and process card payments on behalf of a merchant for a fee.
Card acquirers have become increasingly essential for retailers as consumers have moved away from cash payments in recent years. In 2017 debit cards overtook cash as the most frequently-used payment form in the UK, and the trend is forecast to accelerate further.
The regulator announced it would also be looking into broader issues in the card-acquiring business, including a lack of transparency around fees and whether firms have made it too difficult for retailers to compare between and switch to different acquirers.
Full Content: Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Meta Begins Defense After FTC Concludes Case in Landmark Antitrust Trial
May 15, 2025 by
CPI
UK Data Bill Still No Closer to Passage As Parliamentary ‘Ping-Pong’ Drags On
May 15, 2025 by
CPI
Regeneron Pharmaceuticals Awarded $271.2M in Damages Against Amgen
May 15, 2025 by
CPI
FTC Chair Proposes 15% Staff Reduction Amid Budget Constraints
May 15, 2025 by
CPI
UK Urges Antitrust Watchdog to Prioritize Growth and Clarity in Business Regulation
May 15, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Healthcare Antitrust
May 14, 2025 by
CPI
Healthcare & Antitrust: What to Expect in the New Trump Administration
May 14, 2025 by
Nana Wilberforce, John W O'Toole & Sarah Pugh
Patent Gaming and Disparagement: Commission Fines Teva For Improperly Protecting Its Blockbuster Medicine
May 14, 2025 by
Blaž Višnar, Boris Andrejaš, Apostolos Baltzopoulos, Rieke Kaup, Laura Nistor & Gianluca Vassallo
Strategic Alliances in the Pharma Sector: An EU Competition Law Perspective
May 14, 2025 by
Christian Ritz & Benedikt Weiss
Monopsony Power in the Hospital Labor Market
May 14, 2025 by
Kevin E. Pflum & Christian Salas