Post-Brexit interchange fee plan prompts outcry from U.K. merchants
REGISTER NOW Visa and Mastercard's proposal to raise scheme fees and U.K. interchange rates on cross-border transactions post-Brexit has increased pressure on regulators to cap them, and on merchants to seek alternatives. Before Brexit, U.K. merchants benefited from a European Commission-enforced cap on credit and debit card interchange fees for all transactions made between the U.K. and the EU. This no longer applies. Starting in October, Visa plans to increase the interchange fee on digital payments made between European customers and British businesses from 0.3% to 1.5%, as well as vice ve...