Payments Leadership Council

Visa, Mastercard, American Express and Discover Financial, as well as industry counterparts FIS, Fiserv and Global Payments, have formed the Payments Leadership Council to represent their position to the government and in the media on a range of issues. Card payments are in the spotlight currently.

Cards - April 12, 2021 midnight

Lack of Payment Competition Raises Costs

Mastercard has announced that the interchange fee on products bought online in the EU by British card holders will increase from 0.3% to 1.5%. Debit card fees will increase from 0.2% to 1.15%. This fee increase is justified because now the UK is no longer part of the EU, fees will be charged at the ‘inter-regional’ fee level rather than ‘intra-regional’ fee level.

Cards - March 5, 2021 midnight

Call for Higher Contactless Payment Limits

​UK Finance, who represent the banking industry, are reported by The Times newspaper to have asked the Treasury to increase the contactless payment limit from £45 to £100. Prior to the COVID pandemic the limit had been £30. The Financial Conduct Authority would have to approve any change.

Country Profile - February 2, 2021 midnight

Payment News

Cardtronics runs 285,000 ATMs in 10 countries, making it the world’s largest operator of non-bank cash machines. This Houston based company is a major player in the cash industry but is now being pursued by two companies, firstly Apollo Global Management and Hudson Executive Capital and secondly NCR.

News - February 2, 2021 midnight

Cost of Payments Stubbornly High

Andy Haldane, Chief Economist at the Bank of England, made a speech about the move to digital payments. Despite all the innovation of credit cards, ATMs, faster payments, open banking etc., he quoted Thomas Philippon, Professor of Finance at the New York University Stern School of Business, who estimates that the unit cost of financial services has hardly changed over the last century.

Cards - January 4, 2021 midnight