When the UK's Payment Systems Regulator went through Visa and Mastercard's fee data, it found they raised core scheme (network) and processing fees to UK acquirers by more than 25% in real terms between 2017 and 2023. That added at least £170 million a year in costs, and the regulator found no clear evidence the new fees were set based on cost, competition or innovation.
This week Visa told investors to expect more of the same. On the fiscal 2026 earnings call, the CFO said new pricing will contribute about as much to growth in fiscal 2027 as it did in 2026, covering every pricing plan already in motion. Most of it takes effect in the back half of Visa's fiscal year, which is April through September 2027.
What's driving Visa's 2027 network fee increases?
Much of that pricing lands on the network fee invoice. Visa earns it through fees on payments volume, per-transaction fees for authorization, clearing and settlement, and value-added services like tokens. Tokens came up by name on the call when an analyst asked how much token pricing is built into the 2027 guidance. More than half of Visa credentials are now tokenized, as that share keeps growing, so do the fees tied to it.
Visa's filings have gotten more direct about this too. Its 2026 quarterly reports list "select pricing modifications" as a driver in three of its four revenue lines.
For issuers and acquirers, part of next year's network fee growth is already scheduled, and it has nothing to do with your volume. If your 2027 budget assumes network fees grow in line with volume, it's probably light.
Two things worth doing before April:
- Reconcile your current Visa invoice against the services you actually use
- Model the 2027 changes against your own portfolio and mix rather than the network average
Happy to compare notes if you're working through 2027 planning.
Related reading: the networks sold you tokenization and now they're raising the toll, and the four mechanics inside the April 2026 Visa changes.