Revolut, Mastercard and Visa have failed in a High Court challenge to stop the UK’s payments regulator from consulting on a cap for overseas card fees.

The firms launched a judicial review after the Payment Systems Regulator (PSR) confirmed plans in December 2024 to explore limits on interchange charges.

Those fees have risen sharply since Brexit, with debit card rates increasing from 0.2% to 1.15% and credit card fees from 0.3% to 1.5%.

Judge John Cavanagh ruled that the regulator, now part of the Financial Conduct Authority (FCA), does have the powers to pursue the proposed price cap and threw out the case.