Millions of NatWest customers to see Visa debit card switch to Mastercard
Millions of NatWest customers will see their debit cards switch as the British bank plans to start using Mastercard over Visa, despite Mastercard’s plans to hike EU fees.
NatWest has become the latest bank to adopt Mastercard, which has prior agreements with Santander UK, HSBC’s First Direct and Monzo. The move will divert around 16m consumer and business customers away from Visa.
Mastercard said in a statement this morning that, once card conversions were complete, the company would account for around one in three of all consumer debit cards in the UK.
Head of payment schemes and partnerships at NatWest Salim Secretary said: “This partnership will enable us to offer more tailored payment options to our customers however they wish to pay – whether in store, online or via mobile devices.”
The news follows Mastercard looking to raise the fees EU firms face to receive payments from online shoppers in the UK by at least 400 per cent.
The agreement will include all factions of the NatWest Group, including the Royal Bank of Scotland, Ulster Bank and Coutts.