Article Highlights
Open-loop payment pioneer Transport for London in early March aired complaints about the payments industry, including about fees. According to comments this week from the agency, its concerns have yet to be answered. Also, Budapest agency BKK weighs in.
• Report: UK regulator review of scheme and processing fees, May 2024
• Report: UK Payments Survey 2023
• Chart: TfL fare payments breakdown, 2024
• Chart: TfL fare-revenue collection costs, 2024
• TfL (London)
• BKK (Budapest)
• Visa
• Mastercard
• Payment Systems Reg.
• British Retail Consortium
Nearly nine months after open-loop payments pioneer Transport for London sent an unmistakable signal to banks and payments schemes that it was unhappy about rising transaction fees, not much appears to have changed.
Back in early March, Andrew Anderson, the agency’s head of customer payments, complained about increasing transaction fees and higher fraud losses, which he said threatened to kill the “golden goose” of contactless fare payments for the agency.
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