Partner Michelle Quinn has provided comment in Bloomberg, City AM, Global Legal Insights and Finextra on the implications of Revolut, Mastercard and Visa losing a legal battle against the Payment Systems Regulator, over plans to introduce a cap on card fees for overseas transactions.

Commenting on what a potential cap would mean for both consumers and Fintechs, Michelle said: “If the proposed cap comes into effect, there is a clear line between the potential winners and the losers. A cap on interchange fees could give retailers some much needed breathing room by cutting the costs they face every time an EU customer pays online, and consumers could benefit if those savings translate into lower prices.

“But for banks and Fintechs, it’s a squeeze – interchange fees are a meaningful revenue stream and there is a real risk to their business if the fees are capped at such a level that they lose money on each transaction.”

Michelle’s comments were published in Bloomberg, City AM, Global Legal Insights and Finextra, 15 January 2026.