Visa and Mastercard are facing a potential £5 billion lawsuit in the UK, initiated by law firms Harcus Parker and Hausfeld. The claim alleges that the companies have overcharged businesses through excessive interchange fees since October 2020, which are set by the card networks and paid by businesses via banks for card transactions.
The lawsuit aims to recover fees charged over the past six years, with estimates suggesting significant compensation for affected companies. Both Visa and Mastercard have defended their practices, arguing that interchange fees are essential for the payments ecosystem.