How Brexit will impact the global payments sector

How Brexit will impact the global payments sector

Three years after the Brexit referendum took place, there is still a great deal of uncertainty surrounding the UK's looming departure from the European Union.

From immigration to overseas imports, it is clear that Brexit will impact the UK in a plethora of ways. But one area that is often overlooked is international payments on both sides of the channel.

Chrisoph Tutsch, CEO of ONPEX, expects Brexit to have a transformative effect on the global payments ecosystem, cross border payments and SEPA schemes.

"As the UK government recently warned, the cost of card payments between the UK and EU will likely increase in a No-Deal scenario, and these cross-border payments will no longer be covered by the surcharging ban - preventing businesses from being able to charge customers for using a specific payment method," he explains.

"The charges may come into force immediately, with American Express being a key example of an issuer already not covered by EU surcharging legislation."

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Nicholas Fearn

Nicholas is a technology journalist from the Welsh valleys. He's written for a plethora of respected media sources, including The Next Web, Techradar, Gizmodo, Lifehacker, TrustedReviews, Alphr, TechWeekEurope and Mail Online, and edits Wales's leading tech publication. When he's not geeking out over Game of Thrones, he's investigating ways tech can change our lives in many different ways.

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