Two collective interchange claims against Visa and Mastercard were filed at the UK Competition Appeal Tribunal on October 26, seeking compensation for the multilateral interchange fees UK businesses paid on consumer debit, credit and prepaid card transactions between October 23, 2020 and October 23, 2026. People close to the case told The Guardian it could be worth about £5bn, with Hausfeld running an opt-out claim for businesses with group turnover under £100 million and Harcus Parker running an opt-in claim for larger ones.
Why it matters: If the tribunal certifies the opt-out claim, about 1 million UK businesses, charities and other organisations would be included automatically, on top of the commercial card fee cases that the same class representative, Stephen Allen, already has against both networks. Mastercard called the claim speculative and pointed to the UK government’s proposed reforms of opt-out class actions, while Visa said interchange supports secure card payments for consumers, merchants and banks.
Source: The Guardian, October 26, 2026; Hausfeld, October 26, 2026
Related: Appeals court upholds ruling that vacated the Fed’s debit fee cap · TWTWIP week ending 9 October 2026
