(1) Visa & ors (Applicants) v The Umbrella Interchange Fee (Claimants) (2) Mastercard Inc & ors (Applicants) v The Umbrella Interchange Fee (Claimants)
Thursday 12 March 2026
(1) By an Appellant’s Notice submitted on 31 July 2025, Visa seeks permission to appeal the Competition Appeal Tribunal’s judgment of 27 June 2025. This held that Visa’s Default Interchange Fee Rule infringes Article 101(1) of the Treaty on the Functioning of the European Union.
The proceedings were brought by over 2,000 merchant claimants against Visa and Mastercard challenging the legality of Multilateral Interchange Fees (MIFs) under EU and UK competition law. The Tribunal found that the MIFs, acting as a non‑negotiable pricing “floor” in the Merchant Service Charge, restricted competition in the acquiring market. It rejected the defendants’ counterfactual models. It accepted the claimants’ “No‑MIFs Counterfactual,” under which settlement could occur without a default fee.
The Tribunal concluded that the Default Interchange Fee Rule infringed competition law for inter‑regional and commercial card transactions, emphasising that Visa and Mastercard’s services are indispensable to merchants and that the fees distort competition. Liability was therefore established.
(2) By an Appellant’s Notice submitted on 1 August 2025, Mastercard seeks permission to appeal the Competition Appeal Tribunal’s judgment of 27 June 2025 . This held that Visa’s Default Interchange Fee Rule infringes Article 101(1) of the Treaty on the Functioning of the European Union.
The proceedings were brought by over 2,000 merchant claimants against Visa and Mastercard challenging the legality of Multilateral Interchange Fees (MIFs) under EU and UK competition law. The Tribunal found that the MIFs, acting as a non‑negotiable pricing “floor” in the Merchant Service Charge, restricted competition in the acquiring market. It rejected the defendants’ counterfactual models. It accepted the claimants’ “No‑MIFs Counterfactual,” under which settlement could occur without a default fee.
The Tribunal concluded that the Default Interchange Fee Rule infringed competition law for inter‑regional and commercial card transactions, emphasising that Visa and Mastercard’s services are indispensable to merchants and that the fees distort competition. Liability was therefore established.
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