Skip to main content

Market reviews

A key tool for understanding the markets we regulate

One of the PSR’s functions is to keep payment systems and services markets under review.

Market reviews are one of the principal ways in which the PSR investigates the market for payment systems, or the markets for services provided by payment systems, to see how well they are working for service users (i.e. those who use, or are likely to use, services provided by payment systems). They are in line with our competition, innovation and service-user objectives.

Market review timeline

We expect market reviews to take approximately 12 months with a further six months to assess any proposed remedies.

We remain committed to concluding our reviews as quickly and efficiently as possible.

Current market reviews

Market reviews into card fees:

In June 2022, we set out details of two market reviews focusing on card fees - one looking at scheme and processing fees, and the other at cross-border interchange fees. The reviews focus on Mastercard and Visa as these two card payment system operators account for 99% of debit and credit card payments in the UK. Our final terms of reference for these reviews set out more detail on the scope, approach and next steps. We've also begun publishing papers outlining our initial thinking, proposed approaches, and stakeholder views on a range of issues as part of these reviews. 

Read more about our market review into card scheme and processing fees

Read more about our market review into cross-border interchange fees 

Past market reviews

Market review into the supply of card-acquiring services:

In November 2021, we published our final report on the supply of card-acquiring services. Following consultation, in October 2022 we then published a final decision on remedies to address concerns identified in our review, which found the market doesn’t work well for merchants with annual card turnover below £50 million.

Read more about our market review into the supply of card-acquiring services

Market reviews into the supply of indirect access to payment systems and also into the ownership and competitiveness of infrastructure provision:

These market reviews were first announced in our CP 14/1 consultation paper in late 2014.

You can read the final report for each market review by following the links below:

Final report: supply of indirect access to payment systems

Final report: ownership and competitiveness of infrastructure provision