PSR calls for feedback on card acquiring services
The UK’s Payments Systems Regulator (PSR) is reviewing card acquiring services and wants feedback.
According to the PSR, card payments are critical to the smooth running of the UK economy.
Hannah Nixon, MD of the Payment Systems Regulator, says: “With more and more of us using our payment cards to make purchases, we want to make sure that retailers that accept card payments can access card-acquiring services that are competitive, offer value for money and are innovative – working in both their interests, and consumers’ interests too.”
In the UK in 2017, 13.2 billion payments were made by debit card and an additional 3.1 billion payments by credit card. In the same year, for the first time, debit cards became the most frequently used payment method.
For merchants to accept card payments, they need to buy card-acquiring services. The PSR notes that the costs merchants incur for such services may ultimately be reflected in the prices they charge and services they offer to their customers.
The PSR is proposing to carry out this market review having taken into account the concerns that have been brought to its attention.
It’s looking at such things as the nature and characteristics of card-acquiring services; and whether there are credible alternatives to card-acquiring services for some or all merchants.
You can give feedback to the PSR here. The consultation runs until 14 September 2018.
Last month, it launched a discussion paper about data in the payments industry and wanted people’s views on its future shape.