UK retailers have welcomed a historic and landmark European agreement to cap the anti-competitive cost of processing debit and credit card payments (interchange fees).
According to the BRC – whose members have long campaigned for a reduction in unjustifiably high card fees, which cost UK businesses over £1b a year, which would otherwise be invested in further improving the customer offer – retailers have welcomed the leadership of the UK Government in championing this crucial reform, which will provide more competition and innovation in the payments system for the benefit of businesses and consumers. The BRC believes it is now vital that the Payment Systems Regulator make this law in the UK without further delay.
Helen Dickinson, director general of the British Retail Consortium, says: "We are delighted with this historic and landmark agreement. We have long campaigned for a cap on excessive and anti-competitive card payment fees. Once implemented in the UK during the course of 2015 this will enable the retail industry to invest an extra £500m a year in innovation and value for consumers.
Kevin O’Byrne, CEO B&Q UK & Ireland, adds: “This agreement is a significant step forward following many years of retailers calling for an end to high card fees. The British Government has provided great leadership championing this in Europe. We now need the Payment Systems Regulator to make this law in the UK without further delay.”