TITLE: United Kingdom's Payment Systems Regulator Invites Comments on Merchant Survey Questionnaire for Cross-Border Interchange Fees Review
BODY:
On February 26, 2026, the Payment Systems Regulator (PSR) invited stakeholders to comment on a draft questionnaire that will be used in a merchant survey on cross-border interchange fees. The PSR has appointed IFF Research to conduct the survey of United Kingdom merchants to gather data on their costs for processing online payments from the European Economic Area using cards or alternative payment methods.
The survey results will inform a Merchant Indifference Test (MIT), which will assess the appropriate level for cross-border interchange fees for these transaction types. The PSR updated the questionnaire following responses to its October 2025 consultation on methodology for developing a price cap remedy. The revised questionnaire now focuses on specific alternative payment methods that could plausibly be used in the MIT analysis. These include payment methods based on SEPA bank transfers (including iDEAL, Przelewy24, Blik, Bancontact, Sofort/Klarna Pay in full, Trustly and SEPA direct debit), PayPal, and Klarna's 'Pay in 30 days' product. The PSR decided not to collect information on American Express, as competition between American Express and four-party schemes means its merchant fees are influenced by Mastercard and Visa's interchange fees, making it unsuitable for MIT analysis without distortion.
The PSR notes that the questionnaire may be revised ahead of fieldwork to reflect comments received, the PSR's own development of questions, and responses from any pilot survey. The deadline for submitting comments on the draft questionnaire is 5pm on Thursday, March 5, 2026. Comments should be addressed to [email protected].