Court of Appeal allows appeal on interchange fee competition law judgment
The UK interchange fee litigation has moved forward, with the Court of Appeal earlier this year granting Mastercard and Visa permission to appeal against the Competition Appeal Tribunal’s (CAT) findings.
The appeal will consider key issues around how interchange fee arrangements are assessed under competition rules and could have wider implications for payment scheme models and industry practices.
Background
The case relates to multilateral interchange fees (MIFs), which are payments between banks within card payment systems.
Merchant claimants argued that Mastercard and Visa’s interchange fee arrangements resulted in higher costs for businesses and restricted competition. Mastercard and Visa have argued that these fees support the operation of card networks and help balance the interests of consumers, merchants, issuers and acquirers.
Timeline
March 2024
The Competition Appeal Tribunal heard the main trial as part of wider claims brought by merchant groups.
28 May 2025
The CAT issued its judgment, finding that certain Mastercard and Visa interchange fee arrangements breached competition rules.
July 2025
Mastercard and Visa applied for permission to appeal.
12 March 2026
The Court of Appeal considered the appeal applications at a hearing.
17 March 2026
The Court of Appeal granted permission to appeal on all grounds.
The appeal will have significant relevance for those in the payments industry, including retailers:
- The outcome may affect how interchange fees and similar network rules are structured and assessed.
- Firms may need to consider how pricing models and commercial arrangements are documented and justified.
- The judgment may influence how similar claims involving payment networks are approached.
Next steps
The appeal will now proceed to a full hearing before the Court of Appeal although a date has not yet been set. The CAT’s findings remain in place unless they are overturned on appeal.
The final judgment is expected to provide further clarity on the application of competition rules to payment networks and two-sided markets.
We will keep you updated as things develop.
