The U.K.’s payments watchdog says card giants Visa and Mastercard need to offer greater transparency. The Payment Systems Regulator (PSR) said Tuesday (May 21) that it is proposing that both companies routinely turn over financial information to the regulator and consult with retailers and merchants ahead of any fee changes. This came after...
The U.K. payments sector is protesting the government’s plan to have companies reimburse fraud victims. Dozens of members of the Payments Association have written to the British economic secretary to the Treasury, Bim Afolami, to push back against the rules, Bloomberg News reported, citing a...
Visa and Mastercard are under pressure to cap cross-border merchant fees in the U.K. The Payment Systems Regulator (PSR) on Wednesday (Dec. 13) published an update to its review of cross-border interchange fees on transactions between U.K. businesses and the European Economic Area (EEA) and is proposing a cap to protect merchants...
Great Britain’s smaller banks are apparently among the largest targets for payment fraud. That’s according to a report issued Tuesday (Oct. 31) by the U.K.’s Payment Systems Regulator (PSR) examining the extent of authorized push payments fraud (APP). “This is the first time we can...
May 21, 2024
Higher fees from the payments networks across the pond have not translated into better service, according to a new report. The U.K.’s Payment Systems Regulator (PSR) issued a 158-page report Tuesday (May 21) that charged increases in the fees levied on acquirers and issuers through the past five years by U.S. firms Visa and Mastercard […]
May 21, 2024
The U.K.’s payments watchdog says card giants Visa and Mastercard need to offer greater transparency. The Payment Systems Regulator (PSR) said Tuesday (May 21) that it is proposing that both companies routinely turn over financial information to the regulator and consult with retailers and merchants ahead of any fee changes. This came after the PSR conducted a review that showed that the two companies — […]
May 15, 2024
The U.K. payments sector is protesting the government’s plan to have companies reimburse fraud victims. Dozens of members of the Payments Association have written to the British economic secretary to...
December 13, 2023
Visa and Mastercard are under pressure to cap cross-border merchant fees in the U.K. The Payment Systems Regulator (PSR) on Wednesday (Dec. 13) published an update to its review of cross-border interchange fees on transactions between U.K....
October 31, 2023
Great Britain’s smaller banks are apparently among the largest targets for payment fraud. That’s according to a report issued Tuesday (Oct. 31) by the U.K.’s Payment Systems Regulator (PSR) examining...
