uncleflo
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Mastercard to raise fees by at least 400% for EU firms selling to UK customers | Credit cards | The Guardian
Saved by uncleflo on January 16th, 2022.
Change from October could lead to higher prices for those paying with UK-issued cards Mastercard is to increase the fees EU firms face to take payments from online shoppers from the UK by at least 400%, in a move that could mean higher prices for consumers. When a credit or debit card is used, a percentage of the purchase price is paid by the retailer to the bank that issued it as an interchange fee, which is set by a payments firm. Mastercard’s interchange fee is currently 0.3% on credit card payments and 0.2% on debit card payments but it has told EU firms that these will increase to 1.5% and 1.15% respectively from 15 October. The Financial Times, which first reported the change, said the rise would benefit banks and card providers, rather than Mastercard.
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