Business

UK Payments Regulator Charges Visa and Mastercard with Excessive Fees and Anti-Competitive Practices

Published

11 months ago

March 7, 2025

On Thursday, the Payment Systems Regulator (PSR) of the United Kingdom accused Visa and Mastercard of imposing “excessive” fees and stifling competition in the card payments sector, estimating that businesses face a yearly cost of at least £170 million (approximately $218.96 million), which hampers economic growth.

In its final report, following a comprehensive year-long market review, the PSR disclosed that these two payment monopolies, which dominate 95% of all debit and credit card transactions in the UK, have raised their core scheme and processing fees by more than 25% above inflation since 2017. These fees—which are paid directly to the networks for services such as payment authorization and fraud prevention—have placed considerable financial pressure on businesses, particularly small retailers, due to unclear pricing strategies.

The PSR pointed out that Visa and Mastercard operate with “ineffective competitive constraints” in the UK, granting them the ability to set fees without thorough cost assessments or adequate market rivalry. The absence of transparent pricing has further skewed negotiations, forcing merchants and payment processors to either pass on increased costs to consumers or absorb the financial burden themselves, according to the regulator.

“Cards play a vital role in the UK economy, but the existing market issues are detrimental to businesses and, ultimately, consumers,” stated David Geale, Managing Director of the PSR, as reported by Xinhua news agency. “The complex fee structures and unchecked price increases from Mastercard and Visa have allowed them to charge significantly more than what a competitive market would support, thereby restricting businesses’ ability to invest and grow.”

To tackle these issues, the regulator intends to consult on possible solutions, which may include imposing fee caps and requiring transparency in pricing methodologies before contemplating enforcement actions.

These findings are part of a broader regulatory initiative aimed at reducing the dominance of Visa and Mastercard, prompted by years of complaints from merchants regarding escalating transaction costs. With card payments comprising over 80% of consumer transactions in the UK, the PSR underscored the necessity of market reforms to promote fair competition and encourage innovation.

Business

India May Buy More Oil From Venezuela Instead of Russia

Published

1 week ago

January 31, 2026

Namma Kudla

Business : The United States has told India that it can soon resume buying oil from Venezuela.The suggestion is part of a U.S. effort to reduce India’s dependence on Russian crude oil.

This pitch comes as India plans to cut Russian oil imports by several hundred thousand barrels per day in the coming months. Under the Trump administration, the United States had imposed a 25 % tariff on countries that bought Venezuelan oil, including India.

Now, the U.S. wants India to resume Venezuelan oil purchases to help diversify India’s energy sources. The United States is also trying to reshape energy ties with India as part of broader diplomatic engagement.

Venezuela’s interim president Delcy Rodríguez said she agreed with India on energy cooperation in a recent phone call with Prime Minister Narendra Modi. PM Modi said both sides agreed to deepen their partnership and expand cooperation in all areas.

Venezuela has the world’s largest proven oil reserves. Recently, Venezuela opened its oil sector to private investment to attract foreign capital and boost production.

India was one of the major buyers of Russian crude after the Ukraine war began in 2022. But India is now seeking alternative suppliers as part of its energy strategy.

Business

Chicken Prices Remain Stable in Local Markets

Published

2 weeks ago

January 27, 2026

Namma Kudla

Chicken prices remained stable in local markets today.Traders said there was no major change in rates.Consumers continued to make regular purchases.

Boneless chicken is priced at ₹210 per kilogram.Regular chicken is available at ₹160 per kilogram.Chicken liver is being sold at ₹120 per kilogram.

Country chicken is priced higher due to demand.It is selling at ₹360 per kilogram.Live chicken is available at ₹130 per kilogram.

Skinless chicken is priced at ₹200 per kilogram.Vendors said supply is sufficient in the market.They expect prices to remain steady in the coming days.

Customers expressed satisfaction with the current rates.Market officials said there is no shortage of chicken.

Business

Gold Prices Edge Up in India on January 19, 2026

Published

3 weeks ago

January 19, 2026

Namma Kudla

Gold prices in India recorded a slight increase on January 19, 2026, supported by global market trends, local demand, and movements in the rupee-dollar exchange rate.

As per market estimates, 24-carat gold, which is considered pure gold, is priced at ₹14,569 per gram, or ₹1,45,690 per 10 grams. 22-carat gold, commonly used for jewellery, is trading at around ₹13,355 per gram, or ₹1,33,550 per 10 grams.

The prices have risen marginally compared to the previous day. The increase is mainly linked to a weaker Indian rupee against the US dollar, which makes imported gold more expensive.

Gold rates vary slightly across cities such as Mangalore and other parts of the country. These differences depend on local taxes, transportation costs, jeweller margins, and regional demand.

Demand for gold remains strong due to the wedding season and festive buying, which continues to support higher prices. Investors also turn to gold during uncertain economic conditions, as it is seen as a safe-haven asset.

Experts say that global geopolitical developments, inflation concerns, and central bank policies are also influencing international gold prices, which in turn affect domestic rates.

Market participants expect gold prices to remain firm in the near term if the rupee stays weak and demand continues at current levels.