Mastercard is preparing to hike charges on EU transactions, under new rules set to come into force in October. The company said businesses could be asked to pay up to five times more in fees when UK consumers use a Mastercard to make a transaction to an EU retailer.
Mastercard and Visa - the two biggest payment providers - levy an "interchange" fee on behalf of banks for every debit or credit card transaction made via their networks.
The EU introduced a cap on this in 2015 over concerns that the hidden fees were leading to excessive charges for both companies and consumers.
However, Mastercard has said that the current cap no longer applies now that Britain has left the EU - warning that payments between the UK and European Economic Area
Read more on mirror.co.uk