PSR Takes Action to Boost Transparency and Governance in Card Scheme and Processing Fees

The Payment Systems Regulator (PSR) has set out changes that will give businesses more information on the card payment fees they pay. This follows its market review which found Mastercard and Visa don’t face competition with fees rising and a lack of clarity on how much businesses will have to pay to accept card payments. Card payments play a vital role in supporting the UK economy, and the PSR is committed to ensuring this market works for everyone—consumers, merchants, and businesses alike. To address these issues, the PSR has developed targeted measures that will give clear information to acquirers and strengthen its own oversight. As a result, the PSR is consulting on the draft directions that will bring the following two remedies into effect:

• Information Transparency and Complexity (ITC): Schemes will be required to provide acquirers with clear, actionable pricing information, enabling them to make informed choices and drive competitive outcomes – with resulting benefits for merchants.
• Pricing Governance: The PSR is requiring new standards to ensure pricing decisions are evidence-based, giving the regulator—and the market—greater confidence in how fees are set.

In addition, work is underway on regulatory financial reporting to ensure the PSR has access to enhanced data, allowing it to monitor and assess the financial performance and profitability of the schemes in the UK. A consultation on the detail of this will be published in spring 2026. These remedies will deliver real benefits - giving acquirers and ultimately merchants - the tools they need to better understand costs and make better decisions, while ensuring the PSR has better information to better monitor the market and foster a more competitive and innovative payments market. The PSR’s actions will help ensure that card payments remain fair, efficient, and accessible for everyone. David Geale, Managing Director at the PSR, said:“We are delivering on our commitment to make the card payments market work better for all. Greater transparency will equip acquirers and merchants with the information and confidence they need to navigate fees and make better decisions. Improved governance will help the PSR gather the information it needs to take decisions that foster a competitive and innovative payments market. These steps mark real progress that will benefit merchants, consumers, businesses, and the wider economy.”