The Payment Systems Regulator (PSR) has opened a consultation on proposed remedies for scheme and processing fees charged by Mastercard and Visa, following its final report finding the market is not working well for businesses and consumers. The package is intended to improve fee transparency, strengthen the PSR’s ability to monitor fee-related financial performance in the UK, and increase accountability for pricing decisions. Key proposals include requiring Mastercard and Visa to provide clearer and more detailed fee information to merchants and acquirers, introducing regulatory financial reporting so the PSR can monitor the schemes’ financial performance on UK fees, strengthening pricing governance by ensuring access to reliable and comprehensive information on pricing decisions affecting UK customers, and publishing scheme information to increase transparency. The PSR’s market review found that between 2017 and 2023 the two schemes increased core scheme and processing fees by more than 25% in real terms, representing an extra cost of at least GBP 170 million per year for UK businesses, alongside insufficiently clear and overly complex fee information that further raises costs. Responses are requested by 28 May 2025. If the PSR decides to proceed, it plans a further consultation on the specific remedy package, including a draft cost-benefit analysis and draft direction.

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