Finance
Europe Wants UK to Reconsider Proposal to Cap Credit Card Fees
- UK wants to restore pre-Brexit limit on merchant charges
- European politicians fear their banks will lose out on revenue
A sign for Visa Inc. and Mastercard Inc. at a market in Ipswich.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
A top UK regulator is facing pushback from European lawmakers as it continues to weigh new rules to restrict how much British merchants must pay in credit-card fees on online purchases by consumers from the continent.
Members of the European Parliament from Ireland, Spain, France, and Germany have written to the UK’s Payment Systems Regulator and asked the watchdog to review its plans to restore a cap on interchange fees that was lifted after Brexit, according to people familiar with the matter.