Yet more good news from Brexit

Date: 26‑01‑2021

Source: The Guardian

Subject: Mastercard to raise fees by at least 400% for EU firms selling to UK customers

Change from October could lead to higher prices for those paying with UK‑issued cards

Mastercard has told EU firms that is charge for credit card and debit card payments made on UK‑issued cards will increase to 1.5% and 1.15% respectively.

Mastercard is to increase the fees EU firms face to take payments from online shoppers from the UK by at least 400%, in a move that could mean higher prices for consumers.

When a credit or debit card is used, a percentage of the purchase price is paid by the retailer to the bank that issued it as an interchange fee, which is set by a payments firm.