PSR Consults on Card Fee Transparency and Governance Standards

Detected March 12th, 2026

Summary

The UK Payment Systems Regulator (PSR) is consulting on new standards to increase transparency and governance in card scheme and processing fees. These measures aim to provide businesses with clearer pricing information and ensure fee-setting is evidence-based, following a market review that found a lack of competition and clarity.

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What changed

The UK Payment Systems Regulator (PSR) has initiated a consultation on draft directions aimed at enhancing transparency and governance within card scheme and processing fees. This action stems from a market review identifying a lack of competition and clarity in pricing, which has led to rising fees for businesses. The proposed remedies include requiring schemes to provide acquirers with clear pricing information (Information Transparency and Complexity - ITC) and establishing new standards for evidence-based pricing decisions (Pricing Governance). Additionally, the PSR is developing enhanced regulatory financial reporting requirements to better monitor the financial performance of card schemes.

Regulated entities, particularly acquirers and merchants, should review the proposed directions and consider submitting feedback during the consultation period. While specific compliance deadlines are not yet set, the PSR intends to implement these remedies after considering consultation responses. The ongoing work on financial reporting will see a further consultation in spring 2026. The ultimate goal is to equip acquirers and merchants with better tools to understand costs, foster a more competitive payments market, and ensure fair and accessible card payment systems.

What to do next

Review the PSR's draft directions on card fee transparency and governance.
Consider submitting feedback to the PSR's consultation by the specified deadline.
Prepare for potential new information provision and pricing governance requirements for card schemes.

Source document (simplified)

The Payment Systems Regulator (PSR) has set out changes that will give businesses more information on the card payment fees they pay. This follows its market review which found Mastercard and Visa don’t face competition with fees rising and a lack of clarity on how much businesses will have to pay to accept card payments. Card payments play a vital role in supporting the UK economy, and the PSR is committed to ensuring this market works for everyone—consumers, merchants, and businesses alike.

To address these issues, the PSR has developed targeted measures that will give clear information to acquirers and strengthen its own oversight. As a result, the PSR is consulting on the draft directions that will bring the following two remedies into effect:

Information Transparency and Complexity (ITC): Schemes will be required to provide acquirers with clear, actionable pricing information, enabling them to make informed choices and drive competitive outcomes – with resulting benefits for merchants.
Pricing Governance: The PSR is requiring new standards to ensure pricing decisions are evidence-based, giving the regulator—and the market—greater confidence in how fees are set. In addition, work is underway on regulatory financial reporting to ensure the PSR has access to enhanced data, allowing it to monitor and assess the financial performance and profitability of the schemes in the UK. A consultation on the detail of this will be published in spring 2026.

These remedies will deliver real benefits - giving acquirers and ultimately merchants - the tools they need to better understand costs and make better decisions, while ensuring the PSR has better information to better monitor the market and foster a more competitive and innovative payments market. The PSR’s actions will help ensure that card payments remain fair, efficient, and accessible for everyone.

David Geale, Managing Director at the PSR, said:

“We are delivering on our commitment to make the card payments market work better for all. Greater transparency will equip acquirers and merchants with the information and confidence they need to navigate fees and make better decisions. Improved governance will help the PSR gather the information it needs to take decisions that foster a competitive and innovative payments market. These steps mark real progress that will benefit merchants, consumers, businesses, and the wider economy.”

Next steps:

The PSR is now consulting on the draft directions to bring these remedies into effect. It is also finalising its approach to financial reporting and will publish its draft direction in spring 2026.

Once it has considered the responses to these consultations, the PSR will implement the remedies.