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High street chains sue Visa over card fees

Arcadia, Next, Debenhams and Asda are among several high street stores suing Visa to recoup 10 years’ worth of debit and credit card processing fees.

According to the Telegraph the retailers, led by Asda, lodged papers against Visa Inc. in the High Court on Tuesday (July 23).

The action follows a settlement in the US last year where Visa and Mastercard agreed to pay retailers, including Asda’s owners Wal-Mart, $7.25bn (£4.7bn) in backdated fees.

It comes just days after the European Union proposed caps on the amount banks can demand for processing customers’ credit and debit card payments.

EU chiefs want to set a limit of 0.2% on debit card payments and 0.3% for credit cards.

The British Retail Consortium said retailers pay £850m a year to card schemes and banks to process card fees.

Helen Dickinson, BRC director general, said the proposed EU cap would save retailers £362m a year.

Readers' comments (1)

  • Lets wish them every success in this. Then they might turn their attention to the Vat the retailer pays on this too!

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