The Payment Systems Regulator (PSR) has outlined a series of changes that aim to provide businesses with more information about the fees they pay for card payments.

The move follows the regulator’s market analysis which found that Mastercard and Visa face no competition with rising fees and a lack of clarity on how much businesses have to pay to accept card payments.

Under the new changes, payment schemes will be required to provide acquirers with clear, actionable pricing information, enabling them to make informed choices and drive competitive outcomes.

The PSR, which is being consolidated into the Financial Conduct Authority, said it will create new standards to ensure pricing decisions are evidence-based, giving the regulator and the market greater confidence in how fees are set.

In addition, the organisation has stated that it will work to improve access to more comprehensive data in order to better monitor and address the financial performance and profitability of systems in the UK.

“Card payments play a vital role in supporting the UK economy, and the PSR is committed to ensuring this market works for everyone – consumers, merchants, and businesses alike,” the regulator said.

David Geale, managing director at the PSR, said the UK watchdog remains committed to making the card payments market more transparent for everyone, with the move providing buyers and merchants with the information and confidence they need to navigate fees and make better decisions.

“Improved governance will help the PSR gather the information it needs to take decisions that foster a competitive and innovative payments market,” he said. “These steps mark real progress that will benefit merchants, consumers, businesses, and the wider economy.”

The UK watchdog said it is now consulting on the draft directions to bring these remedies into effect.

It is also finalising its approach to financial reporting and will publish its draft direction in spring 2026.

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