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Mastercard pushes up fees
Author: FXCDirect
Date: 04 Apr 2021
Date: 04 Apr 2021
The BBC has reported the news which has sparked fears consumer prices could rise if merchants choose to pass on those costs, especially on items not available from UK retailers.
Transactions with airlines, hotels, car rentals and holiday firms based in the EU could be affected.
Mastercard attributed the move to the UK's decision to leave the EU.
It said that only online sales would be affected and that "in practice" UK consumers would not notice the change.
The change affects the "interchange" fees Mastercard sets on behalf of big banks, so that its customers can use their payment networks.
To read the full report click here.
Transactions with airlines, hotels, car rentals and holiday firms based in the EU could be affected.
Mastercard attributed the move to the UK's decision to leave the EU.
It said that only online sales would be affected and that "in practice" UK consumers would not notice the change.
The change affects the "interchange" fees Mastercard sets on behalf of big banks, so that its customers can use their payment networks.
To read the full report click here.