As we’ve said previously, there are real questions about how well the cards market is working. We've highlighted our concerns around scheme fees before, and recently published analysis that shows how they have risen (Card Acquiring Market Review Final Report – see chapter 5). We note the action Amazon is taking and are engaging with all relevant parties to understand the impact on people and businesses.
Our existing work on interbank payments (sometimes called ‘pay by bank’ or ‘bank to bank’ payments) is an important way to provide alternative payments in the future. However, as part of our ongoing work in this area, we have been considering our next steps. Following our recently published market review into card acquiring, at a routine Board meeting today we approved an additional phase of work that will look into how well this market is working, including the issue of increasing card fees. If necessary, we will intervene to address any issues we identify. We will provide more information on this work with our final Strategy, which will be published in the new year.
Notes to Editors
Louis Myers - 020 7066 5874 - email@example.com