1/25, 1:16 AM (Source: TeleTrader)
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Mastercard to hike up UK fees for purchases from EU - report

Mastercard Inc. is preparing to increase transaction fees in the United Kingdom fivefold for debit and credit card payments to European Union-based companies, the Financial Times reported.

The costs were previously capped by the EU, but since the UK left the bloc they no longer apply, as payments are deemed "inter-regional." Starting October 15, the fees for credit cards will climb from 0.3% per transaction to 1.5%, while for debit cards the fee will rise from 0.2% to 1.15%, the FT said.

Mastercard is the largest processor of credit card transactions in Britain.

Breaking the News / MD