The UK Payment Systems Regulator (PSR) has launched a consultation on proposals that would require Mastercard and Visa to report their financial performance in the UK.
In a statement, the regulator said the aim of the step is to improve its ability to “monitor and assess” the schemes’ profitability over time.
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The consultation follows a PSR review of card scheme and processing fees. The regulator said it found evidence consistent with a view that the schemes’ profit margins may be “higher than expected” in competitive markets.
The PSR previously concluded in a market review that Mastercard and Visa do not face effective competition. The review also highlighted rising scheme and processing fees, alongside limited clarity on the charges paid by businesses to accept card payments.
To address these concerns, the regulator is consulting on a targeted regulatory financial reporting (RFR) remedy. The PSR said the approach was developed after engagement with the schemes and is intended to provide “robust, reliable data” on their UK business profitability.
The PSR also said the reporting would support ongoing supervision.
Under the proposals, Mastercard and Visa would be required to provide a profit and loss (P&L) account for their UK card operations, with relevant levels of disaggregation. The proposals also require contextual information to support the PSR’s understanding of the financial performance of their UK card businesses.
PSR managing director David Geale said: “Scheme fees have risen substantially in recent years, and we have not seen clear evidence that these increases reflect underlying costs. These proposals are designed to give us a clearer picture of the schemes’ UK financial performance and the drivers behind it.
“We have listened to feedback and are proposing proportionate, targeted reporting focused on the information we need to assess outcomes. Better transparency will help us assess whether this market is delivering good outcomes for businesses and consumers, or if further intervention may be required in future.”
The PSR said the consultation is open to stakeholders involved in UK card payments, including issuers, acquirers, card scheme operators, businesses and cardholders.
Submissions are due by 3 July 2026.
Separately, the regulator said it plans to publish its final decision and directions on the Information, transparency and complexity (ITC) and Pricing Governance remedies in the summer.
The PSR previously consulted on these measures earlier in the year.
