Visa and Mastercard face potential £5bn UK group claim
Business
Visa and Mastercard are facing a potential £5 billion UK group claim, accused of making businesses pay too much in card fees since October 2020.
Law firms say these extra costs have hurt competition and want to get that money back for affected companies.
Small UK firms could receive compensation
If the claim succeeds, nearly 1 million small UK businesses could automatically get compensation for years of high fees, though bigger companies would need to opt in.
Both Visa and Mastercard argue their fees keep payments safe and running smoothly.
The legal fight could take years, but it's not the first time these giants have faced heat over their fee practices.