Visa claims UK interchange victory
30 November 2017 | 9069 views | 0
Visa is looking to play nice with UK retailers after scoring a High Court victory in a long-running battle over interchange fees.
In 2013 a group of high street retailers launched legal proceedings in the UK, claiming that Visa’s UK and cross-border European interchange fees were contrary to competition law.
The card giant is now claiming victory after a high court ruling that its UK fees are lawful and is looking to put the matter to bed, urging merchants to work with it to "create the future of digital commerce".
In an open letter, Visa says: "We hope the Court's decision will accelerate the collaboration between retailers and Visa and will allow us to address the greatest disruption - and potentially the greatest opportunity - facing the merchant community in Europe today: the digitisation of commerce."
But Sainsbury's, which brought the case, looks set to appeal. The supermarket giant, which last year won £68 million in a similar case against Mastercard, says that it is "considering its position".