On 24 January 2019, the Payment Systems Regulator (PSR) published its final terms of reference for a market review into the supply of card-acquiring services. The final terms of reference set out the PSR’s approach to conducting the market review which includes looking at:

• the nature and characteristics of card-acquiring services;
• how merchants buy card-acquiring services;
• who provides card-acquiring services and how their market shares have developed historically;
• whether there are credible alternatives to card-acquiring services for some or all merchants; and
• what the market is delivering for merchants and consumers, including the fees merchants pay and the quality of service they receive.
• The PSR will now conduct the review as set out in the terms of reference and is aiming to publish an interim report by the end of 2019, presenting the analysis and preliminary conclusions for consultation. Following this, the PSR will publish a report containing the final findings of the review and any further action to be taken.