Market review into the supply of card-acquiring services
Last updated: 15 September 2020
We are carrying out a market review into the supply of card-acquiring services and on this page, you will find links to the information we publish about this review.
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 merchants to accept card payments, they need to buy card-acquiring services. The costs of these services may ultimately be reflected in the prices and services they offer to their customers.
We are carrying out a market review into card-acquiring services following concerns that the supply of these services may not be working well for merchants, and ultimately consumers.
We published the draft terms of reference for our work in July 2018. We published final terms of reference in January 2019 taking account of the feedback we received.
As part of our work, we will examine how competition in the supply of card acquiring services operates. This includes looking at the fees merchants pay for card-acquiring services and the quality of service they receive.
We are now gathering evidence and information from a range of stakeholders using a variety of methods. We are also publishing methodology or approach papers to seek views at an early stage on some of the analysis we propose to carry out.
The publication of the interim report for consultation had been set for June 2020. However, our plans have been updated and we will publish this report in Quarter 3 2020. After the publication of the interim report, as well as considering the written responses we have received, we also plan to carry out a programme of stakeholder engagement – such as roundtable discussions - to listen to and discuss stakeholders’ views. We will consider these views carefully before we publish the final report.
We are mindful of the impact that Coronavirus (Covid 19) could have on both our work and the ability to engage with our stakeholders, so the format and timings of our engagement will depend on the situation at the time.
On this page, you will find helpful links to documents and announcements associated with this market review.