UK lawmakers tell Visa and Mastercard to justify fee rises

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) - A committee in Britain's parliament has told payment firms Visa and Mastercard to justify recent rises in their card transaction fees after the country's payments regulator expressed concerns.

The Payment Systems Regulator (PSR) told the Treasury Committee last week that the increases in card fees showed the market was "not working well", according to correspondence published by the committee on Thursday.

(Reporting by Muvija M; Editing by William Schomberg)