In late 2024, the PSR decided to push ahead with plans to introduce a price cap on the fees Visa and Mastercard charge UK merchants when European shoppers make online purchases.
The card giants, alongside fintech Revolut, brought a case at London’s High Court over the plan, arguing that the regulator did not have the power to impose price caps.
Judge John Cavanagh has rejected the challenge and ruled that the PSR does have the power to impose the caps.
David Geale, MD, PSR, says: “We welcome the High Court’s decision, which confirms our powers to ensure card payment costs are fair for UK businesses and consumers. This enables us to drive forward the work we have been doing to ensure cross-border interchange fees are set at an appropriate level.”
