Mastercard to pay 46m Brits £70 after legal row | Personal Finance | Finance

Millions of Britons are set to receive payouts of up to £70 each following the approval of a £200million settlement in a long-running legal case against Mastercard.

The case, launched by former financial ombudsman Walter Merricks, followed a 2007 European Commission ruling that Mastercard’s “multilateral interchange fees” – charged to businesses between 1992 and 2008 – breached competition law. Mr Merricks argued that these fees were passed on to consumers through inflated prices, despite being paid by retailers rather than shoppers directly. He alleged that 46 million shoppers in Britain were ripped off after fees were wrongly levied on transactions over the 15-year period.

The claim, which was approved by the Competition Appeal Tribunal, follows the arrival of the Consumer Rights Act 2015, which allows for US-style class actions in UK competition claims.

Now formally approved, the settlement means consumers in England, Wales, and Northern Ireland who lived in the UK for at least three months between June 1997 and June 2008 – and who shopped at businesses accepting Mastercard – can apply for compensation.

In Scotland, eligibility starts from May 1992. Crucially, claimants do not need to have held a Mastercard to claim the money.

Eligible consumers can apply through http://mastercardconsumerclaim.co.uk. Around £100million has been set aside for direct payments.

If an estimated 2.5 million people (5% of those eligible) claim, each will receive around £45. Fewer claims could raise the individual payout to as much as £70.

Mr Merricks called the outcome “a fair and just result”. He said: “On any view, recovering £200million by way of a settlement for UK consumers is a huge sum, and that will translate into a meaningful impact in the pockets of UK consumers.”

Registration requires a simple online form, and the deadline to claim is the end of 2025.