On 8 February 2019, the Payments Systems Regulator (PSR) published for consultation a working paper concerning its market review into the supply of card-acquiring services. The final terms of reference (ToR) for the market review were published on 24 January 2019. The ToR state that the PSR will examine how the level of fees merchants pay for card-acquiring services have responded to changes in the fees acquirers pay to card system operators and card issuers. The purpose of the working paper is thus to explain the PSR’s proposed approach to that analysis. The deadline for responses to the working paper is 1 March 2019.