Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps the Government is taking to monitor and regulate card payment fees charged by banks for transactions involving small retailers.

The Government remains committed to helping businesses and workers through the present very difficult time, and has announced unprecedented support, including a range of grant and tax deferral schemes, and £300 billion of guarantees, equivalent to 15 per cent of UK GDP. Some acquirers (the financial services firms which enable retailers to process card payments) are taking voluntary measures to support their business customers, for example through waiving fees, and the Government welcomes such action.

The Payment Systems Regulator is currently carrying out a market review into card-acquiring services. Its review is examining how competition is working, including looking at the fees retailers pay for card-acquiring services and the quality of service they receive. Its interim findings will be published in Q3 2020.