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. His work has been featured on Engadget, Lifehacker, Gizmodo, TechRadar, The Next Web, Forbes, Computer Weekly, Computing, Mail Online, The Telegraph and many other media outlets. In addition, he edits Tech Dragons, a publication covering STEM in Wales.

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