Mastercard ruling: almost every UK adult could receive payout

Found this quite interesting. No idea if they’re guilty or not but seems like a very hefty potential payout if they lose on appeal.

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[…] the maximum payout will be about £300 for anyone who can prove they were in the UK in the 16 years between 1992 and 2008. […]

I meet the criteria so how do I prove it :grin:.

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Where is my monies?

Mastercard paying out 1.3 billion? And probably Visa next… That’s a huge amount of payout… I suspect it won’t happen though.

The thing is it’s still going on… a local pub just the other day was complaining his transaction fees are 80p+5% hence the minimum spend otherwise he’d make a loss. That’s silly… no way it’s costing the bank that kind of money to process transactions.

You sure they weren’t just lying to justify their unreasonable conditions?

Those fees may have been correct five or ten years ago but these days anyone can get a payment terminal for about £29 with a linked merchant account that only charges pennies per transaction.

I think iZettle, SumUp and Square all charge around 1.6% fee to the merchant and that’s it.

I think the problem is that just like things like Mobile Phone contracts and stuff, merchants let their agreements with Credit Card processors “rollover” and are still paying the same rates they signed up for donkeys years ago.

I doubt he’s lying, just out of touch

We didn’t have cash for the £10 minimum and left, so it wouldn’t be a good business decision to make it up. He’s probably forced to take the deal given by his brewery, landlords don’t really have much say.

For adults who qualify for the (reported) maximum claim, that’s a recognition of being overcharged £18.75 per year between the stated years. Must be an average figure.

Runs off to check all receipts from 1992-2008

They probably aren’t lying, many people are ditching VISA/Mastercard due to high fees.

Is this the case? Who are they ditching them for? They’re basically the only two payment networks in the West. (There’s Amex but generally not for debit)

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