In the landmark ruling, the Supreme Court was found in favour of the merchants, concluding that the global schemes' Multilateral Interchange Fees (MIFs) restricted competition. With the merchants succeeding on all major issues, this leaves very little room for manoeuvre for the global schemes, Visa and Mastercard, according to CMSPI, an independent payments consultancy.
This would be great news at any time: but after many retailers have suffered significant revenue damage through the COVID-19 pandemic, the potential for releasing billions in settlement to merchants will be more welcome than ever, CMSPI continued.
After years of economic and legal battle, retailers operating in the UK now having the opportunity to lodge their own claims to recoup excessive interchange fees.
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