UK Retail Industry Faces £1.1bn Annual Payment Costs

  • British Retail Consortium welcomes PSR’s review into card-acquiring services
  • Retailers spend £1.1bn on payment acceptance annually
  • Card scheme fees are increasing, affecting consumers
  • PSR to examine competition and quality of service
  • Review open for consultation until 14 September 2018

The British Retail Consortium (BRC) has welcomed the Payment Systems Regulator’s (PSR) decision to conduct a market review into card-acquiring services due to an alarming increase in card fees and charges. This comes at a time when the retail industry is facing acute cost pressures, with retailers spending £1.1bn annually on accepting payments. The PSR will examine how competition in the supply of card acquiring services operates and the quality of service merchants receive. Andrew Cregan, BRC’s policy adviser, said they welcome this much-needed review to ensure a technologically-driven future for the retail industry. The review is open for consultation until 14 September 2018.

Factuality Level: 9
Factuality Justification: The article provides accurate and relevant information about the Payment Systems Regulator’s market review into card-acquiring services, quotes from an expert in the field, and discusses the potential impact on retailers and consumers. It also includes a clear timeline for consultation.
Noise Level: 3
Noise Justification: The article provides relevant information about the Payment Systems Regulator’s decision to conduct a market review into card-acquiring services and quotes from an industry representative. It also mentions the potential impact on retailers and shoppers. However, it lacks in-depth analysis or exploration of long-term trends or consequences.
Financial Relevance: Yes
Financial Markets Impacted: Retail and payment processing industries
Financial Rating Justification: The article discusses the impact of card fees and charges on retailers, which affects their costs and potentially impacts financial markets through changes in the payment processing industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk