Tuesday, 23 July 2024
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EuropeFinance

A UK payments report suggests Visa and Mastercard substitutes

  • Britain needs a “digital alternative” to depending on Visa and Mastercard for card payments.
  • The fees charged by card schemes are being examined by the PSR.
  • The analysis indicates that the market might be enhanced by a workable digital substitute for card schemes.

Regardless of the actions taken by regulators, Britain needs a “digital alternative” to depending on Visa and Mastercard for card payments, according to a report commissioned by the government released on Wednesday.

The findings of the Future of Payments Review confirm long-standing grievances in Europe regarding the excessive dependence on the American pair for credit card payments; however, initiatives to develop a “homegrown” substitute have not seen much success.

Visa and Mastercard

Merchant dissatisfaction with card schemes is a result of their high costs and dearth of digital alternatives. A battleground between Visa and Mastercard, the fees charged by card schemes are being examined by the UK’s Payment Systems Regulator (PSR).

The analysis indicates that the market might be enhanced by a workable digital substitute for card schemes. Open banking could provide merchants with a less expensive option by allowing third-party fintechs to offer payment services using customer bank data. Additionally, this might enhance the direct consumer-to-consumer transfer experience.

Visa stated that it was pleased with the review’s conclusion and that the UK payments sector is in a strong position. It also stated that it is keen to work with the government to maintain the UK’s leadership in payments innovation.

Mastercard expressed its gratitude for the review’s acknowledgment of the value of cards and its ongoing commitment to investing in cutting-edge payment technologies.

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