Sinn Féin MLA Caoimhe Archibald has described VISA’s recently announced increases to transaction charges as “inexcusable”.

The party’s economy spokesperson said:

“Fees for online transactions are increasing fivefold to 1.5%, and debit card charges are increasing from 0.2% to 1.15%.

“These massive hikes are only possible because of Brexit. Previously, EU law prevented these exorbitant charges for online and card purchases. 

“While Brexiteers continue to focus on arrangements at our ports, they are noticeably silent about these Brexit barriers that have nothing to do with the Protocol. 

“This follows similar action in January by Mastercard. These big companies are now cynically using the loss of EU consumer protection law to overcharge customers. 

“These changes will affect border communities in particular, who rely on cross-border transactions as a central part of their economic viability. 

“I will be writing to Mastercard, VISA, and the British government over this pressing issue.”