EU banks warn about ‘protectionist’ UK plans to cap payments fees

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Financial Times 13h ago

EU banks warn about ‘protectionist’ UK plans to cap payments fees - Financial Times

Quick Summary:

But European industry representatives say their costs of processing payment have soared since the UK left the EU, particularly with the rise of digital wallets such as Apple Pay and Google Pay adding to their charges.

Fintech companies do not offer lending at scale and so are more reliant on income from payment fees than larger banks.

The cap would only apply to online purchases made by European customers in the UK, not to online purchases made by customers of UK banks in the European Economic Area, which includes the EU as well as Iceland, Liechtenstein and Norway.