uncleflo
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NatWest to convert all debit cards to Mastercard
Saved by uncleflo on January 16th, 2022.
NatWest is to convert all of its debit cards to Mastercard, giving the card scheme a massive leg-up in its efforts to break the UK dominance of rival Visa. While this conversion may "give the card scheme a massive leg-up in its efforts to break the UK dominance of rival Visa", it does little to improve competion or result in lower card acceptance costs for merchants. While the interchange fee regulation caps fees at 0.2% for debit cards, the Mastercard card scheme fees are significantly higher than those of Visa so will result in much higher costs for merchants - and ultimately consumers. This is not good news. Also, as the interchange fees are capped, there is little incentive for card issuers to switch brands as their income remains the same - unless a 'behind the scene' deal has been done to sweeten the deal - which would (in effect) be contrary to the anti-circumvention clause of the IFR.
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