UK PSR to Review Rising Card Fees - Comments from Brian Hanrahan, CEO Nuapay

  • Brian Hanrahan, CEO at Nuapay

  • 01.07.2022 11:15 am
  • #cards

Last week’s news that the Payment Systems Regulator (PSR) plans to review rising card fees from the major card schemes post-Brexit, is a stark reminder of the need for choice - both for merchants and consumers - when it comes to payment methods. 

The payments industry is evolving and payments professionals are increasingly recognising the value and opportunity presented by alternative methods. In a recent Nuapay survey,  1 in 4 (25%) merchants predicted open banking will become the most popular payment method in five years’ time. Not only that, but 36% said open banking presented the most opportunities for their business in the next three years, followed by digital wallets (35%) and Buy Now Pay Later (BNPL) (26%)

We are at a defining moment for payment technology. Following the pandemic, business leaders and consumers have demonstrated a greater acceptance of new, digital technology. Not only that but sticking points with traditional methods prove that we all need to be given the ability to pick and choose how we pay, based on our own personal needs. 

Other Blogs