UK tribunal sets pass-on findings in merchant interchange damages case against Visa and Mastercard

The UK Competition Appeal Tribunal issued its Trial 2 judgment in the merchant interchange umbrella proceedings on February 18, 2026 ([2026] CAT 11). It assumed the multilateral interchange fees were unlawful and examined how far those fees were passed on to others. Merchant pass-on was shown for only a few claimants, supplier pass-on was not proved for any claimant, and acquirer pass-on was set at 85% for standard contracts.

• Merchant pass-on proved for a small group, including Travix, WorldRemit and Allianz's underwriting business
• Supplier pass-on: not proved for any claimant
• Acquirer pass-on: 100% for IC+ and IC++ contracts, 85% for standard contracts
• Trial 1 (2025) found an infringement; Trial 3 on the Article 101(3) exemption is still to come