Britain's Payment Systems Regulator (PSR) plans to intervene in the UK's payments sector to boost competition, remove innovation barriers, and tackle market power issues.

Britain's Payment Systems Regulator (PSR) plans to intervene in the UK's payments sector to boost competition, remove innovation barriers, and tackle market power issues. The regulator is considering expanding open banking, allowing third-party payment firms to offer rival services with customer consent, and may impose mandatory changes. PSR also proposes capping cross-border interchange fees charged by Mastercard and Visa to retailers.

March 20, 2024
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