The UK government is planning to put supervision of MasterCard and Visa alongside the country’s main interbank payment systems into the hands of a new Payment Systems Regulator (PSR), whose chief remit is to inject more competition into the country’s payments industry.
From April next year, the PSR will have strong new powers to ensure the way the country’s main payment systems are run do not hold back competition in the sector, including requiring competitors such as challenger banks and smaller firms to have access to these systems on fair terms, and if necessary the power to order the owners of the more established systems to break them up or sell them.
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