The company will charge 1.5% of the transaction value for every online credit card payment, up from the current 0.3%, and 1.15% for debit card payments, up from 0.2%.
According to Yahoo Finance, UK shoppers will not be impacted by the increase in interchange fees when ordering from EU-based companies.
Mastercard charges an interchange fee, typically paid by a retailer’s bank to the cardholder's bank. The increase in fees comes because the UK is no longer part of the EU and will hence not benefit from the cap on interchange fees set in 2015.
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