Business

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

Published

1 year 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

Chicken and Egg Prices Rise Shocked Non-Veg Lovers

Published

1 day ago

July 15, 2026

Namma Kudla

Business: Non-vegetarian food lovers are facing a big shock as chicken and egg prices have increased sharply over the past week.

The price of chicken has gone up significantly, making it expensive for many families. Fresh fish is also unavailable in coastal areas because fishing activities have been suspended.

The main reason for the price hike is the slow growth of chickens, which has reduced supply. At the same time, more chicken is being supplied to other states, resulting in lower availability in the local market.

Egg prices have also increased. An egg that cost Rs.7 to Rs.7.50 three days ago is now priced at ₹9.

Similarly, the price of chicken has risen from Rs.300 per kg to Rs.360 per kg.

Traders say prices may come down once the supply improves. Until then, the increase is expected to put an extra burden on consumers.

Business

India’s First LPG Efficiency Policy amid Iran War

Published

3 days ago

July 14, 2026

Namma Kudla

Business: As the Iran conflict continues to affect global energy markets, Pune Gas has urged the Central Government to introduce India’s first LPG Efficiency Policy.

The company submitted its proposal to the Ministry of Petroleum and Natural Gas, stressing the need for better and more efficient use of LPG across the country.

Global supply disruptions have pushed commercial LPG cylinder prices to around Rs.3,100 from nearly Rs.1,884 earlier this year.

The price rise has increased costs for restaurants, hotels, hospitals, food processing units, MSMEs and other industries that depend on LPG.

Pune Gas said India has maintained a stable LPG supply, but improving fuel efficiency is now equally important.

The proposal recommends promoting the use of 47.5-kg LOT cylinders wherever suitable to reduce wastage, improve safety and prevent pilferage.

It also seeks awareness campaigns, standard practices and policy support to encourage efficient LPG systems.

Pune Gas CEO Jesal Sampat said India should focus not only on increasing LPG supply but also on using the available fuel more efficiently.

The company also showcased its indigenous LPG management system, LPGenius, to improve safety, efficiency and cost savings.

Pune Gas has offered to support the government and oil marketing companies with field data, pilot projects and implementation assistance.

Business

US-Iran Conflict Pushes Global Crude Oil Prices Up by Over 4%

Published

4 days ago

July 13, 2026

Namma Kudla

London: Global crude oil prices surged by more than 4% after the United States and Iran intensified missile and air strikes against each other.

The rise in oil prices is mainly due to growing concerns over the security of the Strait of Hormuz. It is one of the world’s most important routes for global oil shipments.

During Monday morning trading, Brent crude oil rose by 4.28% to $79.26 per barrel. West Texas Intermediate (WTI) crude oil increased by 4.37% to $74.53 per barrel.

Iran expanded its military attacks over the weekend to include Qatar and the United Arab Emirates (UAE). In response, the United States launched another round of air strikes on Iranian military bases.

Iran also announced the closure of the Strait of Hormuz after an attack on a commercial vessel that it claimed had violated regulations. According to ship-tracking data from Kpler, only six ships passed through the strait on Sunday. This is the lowest number recorded in the past five weeks.

Last month, the United States and Iran had reached a temporary agreement to keep the Strait of Hormuz open. However, the latest attacks have ended those efforts and increased tensions in the region.

Iran’s Foreign Ministry strongly condemned the US strikes. It said the attacks were a clear violation of international law and the United Nations Charter.

Iran also warned that any country allowing the United States to use its land or military bases for operations against Iran would be treated as a hostile nation. It said such countries could face military action.