Market review into the supply of card-acquiring services

Last updated: January 2024

Card payments are critical to the smooth running of the UK economy. They are a popular way for people to pay for goods and services, and their use is growing.

For businesses to accept card payments, they need to buy card-acquiring services. The costs of these services may be reflected in the prices and services they offer to their customers.

We carried out a market review into card-acquiring services following concerns that the supply of these services may not be working well for businesses, and ultimately consumers. We published our final report setting out our findings in November 2021. 

In January 2022, we consulted on a package of remedies to help businesses, and therefore also consumers, get the best deal possible; we published a provisional decision on these remedies in June. In October, we published our final decision confirming the changes we are making to improve card services and choice for businesses. 

On 5 October 2023, the Competition Appeal Tribunal (the Tribunal) ruled that that there is no statutory requirement or obligation on the PSR to withhold inspection of the material referred to its ruling as the “Rule 63 Material” (see [2023] CAT 59 (the “Ruling”)). Subsequent to the Ruling, on 6 November 2023 the Tribunal ordered the PSR to disclose the confidential version of the final report entitled “Market review into the supply of card-acquiring services”, published on 3 November 2021, including all of its annexes (“PSR Final Report”); and the underlying econometric analyses and calculations used in the PSR Final Report into a confidentiality ring for the purposes of Trial 1 and Trial 2 in Case Nos: 1517/11/7/22 (UM) 1266/7/7/16 (the PSR Disclosure Order). The PSR is giving disclosure as directed by the Tribunal and in accordance with the PSR Disclosure Order and the Confidentiality Ring Order made on 17 November 2023.

On this page, you will find helpful links to documents and announcements associated with this market review.

Final report

Our final report on the supply of card-acquiring services - published 3 November 2021

Card-acquiring market remedies documents

Implementation advice for summary boxes, online quotation tools and trigger messages - Version 1 October 2022

Card-acquiring market remedies: consultation on proposed revisions to Specific Directions 14, 15 and 16 - published 11 January 2024

Consultation documents

Our consultation document on the draft terms of reference - published 24 July 2018

Our consultation document on our proposed pass through analysis - published 8 February 2019

Our consultation document on the approach to the merchant survey - published 22 May 2019

Our consultation document on our merchant survey questionnaire - published 5 July 2019

Our consultation document on our profitability analysis - published 11 July 2019

Pass-through disclosure in the market review into card-acquiring services - published 14 September 2020

Draft undertakings for the confidentiality ring used for pass-through disclosure - published 14 September 2020

Our market review into the supply of card-acquiring services: Interim report - published 15 September 2020

Merchant survey disclosure in the market review into card-acquiring services - published 27 November 2020

Our initial remedies consultation document for the card-acquiring market review - published 26 January 2022

Our provisional decision on remedies for the card-acquiring market review - published 29 June 2022

Responses to consultations

Responses to draft terms of reference - published 24 January 2019

Responses to proposed pass-through analysis - published 20 June 2019

Responses to proposed merchant survey - published 30 September 2019

Responses to our proposed profitability analysis - published 24 December 2019

Responses to our consultation on the merchant survey questionnaire - published 24 December 2019

Responses to initial remedies consultation - published 29 June 2022

Responses to provisional decision on remedies - published 06 October 2022

Final documents

Final terms of reference: market review into the supply of card-acquiring services - published 24 January 2019

Final copy of the merchant survey questionnaire - published 24 December 2019

Final decision on remedies - published 06 October 2022

News and announcements related to the card-acquiring services market review

Payment Systems Regulator announces market review into card-acquiring services - published 24 July 2018

Matthew Cherry's speech for PSE Consulting Merchant Acquiring Conference - 14 November 2018

PSR update on its market review into the supply of card-acquiring services - published 11 December 2018

PSR confirms market review into card-acquiring services - published 24 January 2019

Update on publication of the interim report - published 22 July 2019

Update on our approach to the profitability analysis for our market review into card-acquiring services - published 18 September 2019

PSR announces provisional findings of card acquiring market review - published 15 September 2020

PSR publishes the final report for its card-acquiring market review - published 3 November 2021

PSR publishes remedies consultation for its card-acquiring market review - published 26 January 2022

PSR sets out plans to help UK retailers get better deals for card-acquiring services - published 29 June 2022

PSR finalises plans to help businesses save money on card services - published 06 October 2022

General submissions (other than in response to consultations)

General submissions received Q1 2019 - published 4 July 2019

General submissions received Q1 2020 - published 30 June 2020