Visa and Mastercard face £5bn UK lawsuit over card fees for businesses

Visa and Mastercard are facing a potential £5 billion lawsuit in the UK over allegations of stifling competition and charging excessive fees to businesses. Law firms Harcus Parker and Hausfeld have filed an application at the Competition Appeal Tribunal, seeking a group claim to compensate companies allegedly overcharged on card payments since October 2020. The case could affect thousands of UK businesses that accept card payments, from small retailers to large corporations. If successful, it may force the card networks to lower interchange fees and could set a precedent for similar claims across Europe. The legal action follows years of regulatory scrutiny over card fees, and a ruling in favor of the claimants could reshape the payments landscape, potentially leading to lower costs for merchants and, ultimately, consumers. The outcome may also influence how global card schemes operate in one of their largest markets.