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. 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.