The Watchdogs of the UK's payment industry have announced the move to review the rising card fees of both Visa and MasterCard. The Payment Systems Regulator (PSR) is concerned about the rates of processing on many Brits, especially as the two payment giants account for almost 99% of card users in the United Kingdom. These issues have increased since the exit of Britain from the European Union (EU).
Focused on putting merchants and customers in the UK at advantage, the Payment Systems Regulator (PSR) is studying market reviews on the reasons behind this increase. Understanding how much people use cards for their daily activities especially in purchasing goods and services, the PSR looks to liaise with Visa and MasterCard in tackling and stabilizing the rate of charges on card users. Nationally, the regulatory body is striving to ensure that Britain continues to have access to innovative, easy, and secure payment solutions.
The PSR is stamping its authoritative presence in the UK's financial industry and will be focused on promoting a stable environment for payment companies to thrive in the UK. Visa and MasterCard have stated their commitment to developing innovative payment solutions for card users in the UK.
The United Kingdom in focus:
Population: 67.22 million in 2020 as compared to 66.84 million in 2019
GDP: $2.708 trillion compared to $2.857 trillion in 2019
GDP per capita: $40,284 in 2020 compared to $42,354 in 2019
