Visa, Mastercard Dominance Under Spotlight In MPs' Probe
By Irene Madongo (January 13, 2022, 3:30 PM GMT) -- Senior MPs said on Thursday that they will examine the increasing costs of credit card transactions paid by firms, as concerns grow about Visa and Mastercard's market dominance and the effect on business customers.
The Treasury Committee said it will hold an "accountability hearing" in March with the Payment Systems Regulator to explore the watchdog's role in promoting competition in the market and protecting against rising prices.
Committee chairman Mel Stride MP wrote to the watchdog in December 2021 about retailers' concerns over the cost of card payments. The Conservative MP also highlighted problems such as changes to scheme fees for debit...
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