These measures stem from a market review which concluded that Mastercard and Visa face insufficient competition, leading to rising fees and uncertainty for merchants regarding acceptance costs.

To address these market failures, the PSR is consulting on remedies that compel card schemes to provide acquirers with transparent, actionable pricing data. Additionally, new standards will be established to ensure that pricing decisions are grounded in evidence, thereby granting the regulator and the market greater confidence in how fees are determined.

In parallel with these measures, work is currently underway on regulatory financial reporting to grant the PSR access to enhanced data. This will facilitate the monitoring of the financial performance and profitability of UK card schemes, with a consultation on the specifics expected in spring 2026.

David Geale, the PSR’s managing director, said: “We are delivering on our commitment to make the card payments market work better for all. Greater transparency will equip acquirers and merchants with the information and confidence they need to navigate fees and make better decisions.

“Improved governance will help the PSR gather the information it needs to take decisions that foster a competitive and innovative payments market. These steps mark real progress that will benefit merchants, consumers, businesses, and the wider economy.”