Consultation on our proposed pass-through analysis, examining how the level of fees that merchants pay for card-acquiring services have responded to changes in interchange fees and scheme fees

The PSR is conducting a market review into the supply of card-acquiring services. The final Terms of Reference (ToR) were published on 24 January 2019.

The ToR state that the PSR will examine how the level of the fees merchants pay for card-acquiring services have responded to changes in the fees acquirers pay to card system operators (scheme fees) and card issuers (interchange fees).

What this document contains

The purpose of this working paper is to explain how we propose to run that analysis. We welcome comments on the working paper and particularly on the consultation questions.

Who should read this document

This is a technical working paper. It is likely to be of most interest to acquirers. It may also be of interest to card scheme operators and payment facilitators. Other stakeholders, such as merchants and issuers, may also be interested in its contents.

What happens now?

We are interested to receive any feedback on our proposed analysis.

Please send your comments by 1 March 2019. You can email them to or write to us at the following address:

Card-acquiring market review team

Payment Systems Regulator

12 Endeavour Square


E20 1JN

What happens next?

We plan to publish a report setting out our interim conclusions on the supply of card-acquiring services in Q4 2019. This interim report will explain how we updated our analysis to take account of comments on the working paper and the results of the analysis.

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