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Well at least Visa and Mastercard have benefited from Brexit.
Now that we are not part of the EU, the can raise the cap on interchange fees which were in place whilst we were members of the EU.
Visa is to force through a series of post-Brexit fee increases which could place fresh pressure on consumers and small businesses struggling to deal with the financial impact of the coronavirus pandemic. According to people briefed on the plans, Visa will in October raise its “interchange fees” — a levy it charges on behalf of banks for every debit or credit card payment that uses its network — on cross-border transactions between the UK and EU.
From October, Visa will charge 1.5 per cent of the transaction value for credit card payments made online or over the phone between the UK and EU, and 1.15 per cent for debit card transactions, up from 0.3 per cent and 0.2 per cent respectively. The post-Brexit fee increases are likely to hit more companies than a similar move announced by rival Mastercard in January, raising fears that UK consumers face higher prices for online purchases if companies pass on the rises.
Nice.
Now that we are not part of the EU, the can raise the cap on interchange fees which were in place whilst we were members of the EU.
Visa is to force through a series of post-Brexit fee increases which could place fresh pressure on consumers and small businesses struggling to deal with the financial impact of the coronavirus pandemic. According to people briefed on the plans, Visa will in October raise its “interchange fees” — a levy it charges on behalf of banks for every debit or credit card payment that uses its network — on cross-border transactions between the UK and EU.
From October, Visa will charge 1.5 per cent of the transaction value for credit card payments made online or over the phone between the UK and EU, and 1.15 per cent for debit card transactions, up from 0.3 per cent and 0.2 per cent respectively. The post-Brexit fee increases are likely to hit more companies than a similar move announced by rival Mastercard in January, raising fears that UK consumers face higher prices for online purchases if companies pass on the rises.
Nice.
