Campaigns

15 Jul 2020

Mastercard and Visa could be ordered to pay back £15.4bn to UK merchants

Mastercard and Visa could be ordered to pay back UK merchants a total of 17bn Euros (£15.4bn), the Supreme Court has ruled.

Following a ruling in the UK yesterday (Tuesday, July 14, 2020), both MasterCard and Visa suffered heavy defeats as the Supreme Court ruled in favour of merchants. The case was led by Sainsbury’s and full case background can be found here

Estimates are that the maximum pay-out for UK merchants could be as high as €17bn (EUROS) (approximately £15.4bn) if Visa/MasterCard fail to prove pass-thru benefits – these two figures being the total Interchange paid since 2013.

The summary of the full judgement issued by the Supreme Court can be found here

Jeff Moody, Commercial Director at Bira, said “We believe there is a possibility that card providers Mastercard and Visa may have overcharged all retail users and are therefore investigating the possibility of a group action.”

Bira will keep members updated with this investigation when more details become available.


 

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