British lawmakers target Visa and Mastercard fee increases


FILE PHOTO Credit card is seen in front of displayed Visa logo in this illustration taken July 15 2021. REUTERSDado RuvicIllustration

FILE PHOTO: Credit card is seen in front of displayed Visa logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - British lawmakers plan to scrutinise increases in the fees Visa and Mastercard charge businesses after the country's payments regulator found no evidence to justify the rises, a parliamentary committee said on Thursday.

Parliament's Treasury Select Committee said the companies, whose networks account for 99% of card transactions in Britain, had increased the scheme and interchange fees paid by businesses to card issuers when a card is used.

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