BRC Urges Government and PSR to Act on Rising Cross-Border Payment Fees
- UK and EEA retailers could face a £150 million annual increase in card costs
- British retailers alone may face an extra £36 million or £100,000 daily
- BRC calls for government and PSR intervention
The British Retail Consortium (BRC) has warned that UK and European Economic Area (EEA) retailers could face an estimated £150 million increase in costs annually for accepting cross-border card payments, with British retailers alone potentially bearing an additional £36 million or £100,000 per day. The BRC is calling on the Government and Payment Systems Regulator (PSR) to take action to address these soaring fees that impact businesses across the region.
Factuality Level: 8
Factuality Justification: The article provides a specific estimate of potential costs for retailers and cites a source (BRC) without any apparent exaggeration or sensationalism. It is focused on the main topic and does not include irrelevant information or personal opinions.
Noise Level: 7
Noise Justification: The article provides relevant information about potential costs for retailers due to a specific issue, but it lacks in-depth analysis and actionable insights or solutions. It also does not explore the consequences of this decision on those who bear the risks nor stay entirely on topic.
Financial Relevance: Yes
Financial Markets Impacted: UK and EEA retailers and financial institutions involved in cross-border card payments
Financial Rating Justification: The article discusses the potential cost increase for UK and EEA retailers due to cross-border card payments, which has an impact on their financial operations and may affect the overall financial markets through changes in transaction fees and costs.
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.
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