Revolut, Mastercard and Visa have lost a legal battle against the UK’s payments watchdog amid plans to introduce a cap on card fees for overseas transactions.
The trio of payment giants brought a judicial review to the High Court following a decision by the Payment Systems Regulator (PSR) in December 2024, confirming that it would consult on the fees cap.
These fees, which banks charge retailers to process payments, surged fivefold following the UK’s departure from the European Union, rising from 0.2 per cent to 1.15 per cent for debit cards and 0.3 per cent to 1.5 per cent for credit cards.
The payments watchdog had previously said fees were rising to an “unduly high level,” whilst firms have hit back, claiming the PSR did not have the power to introduce a cap.