Mastercard, Visa, Revolut Lose London Suit Over Card Fee Cap (2)

Mastercard Inc., Visa Inc. and UK fintech Revolut Ltd. lost a lawsuit with the UK regulator over its plans to usher in a cap on cross-border card fees.

The companies filed a case in London over the UK Payment Systems Regulator’s decision to consult on plans to restore a cap on interchange fees that was lifted after Brexit.

Mastercard, Visa and Revolut argued that the PSR did not have the power to impose price caps while European lawmakers have also pushed back against the plans that would restrict how much British merchants must pay in credit-card fees on online ...