(21 October 2020 – United Kingdom) Two of the world’s most renown payment providers, Visa and Mastercard, have been accused by the British Retail Consortium (BRC) of excessive increases in fees charged on merchant payments.
The retail trade association have called for action to be taken by the United kingdom’s (UK) government to tackle the surge in card fees as more retailers have been forced to accept card only payments due to the pandemic.
“It's an abuse of a dominant market position by these companies. They're two of the most profitable organisations in the world and they've got merchants over a barrel” commented BRC Head of Finance Policy, Andrew Cregan.