Payment Processing in Turkey: European Merchant Acquiring and Transaction Processing

• Publication date: July 2008
• Report size: 181 pages

In-depth analysis of the processing value chain and the impact of SEPA and interchange regulation are followed by the results of survey of European merchants, which highlights the key acceptance and acquiring trends across the region. Scope *In-depth coverage of acquiring and processing in Belgium, France, Germany, Italy, Netherlands, Spain, Turkey, and the UK *Discusses the major trends and drivers in European processing, as...

In-depth analysis of the processing value chain and the impact of SEPA and interchange regulation are followed by the results of survey of European merchants, which highlights the key acceptance and acquiring trends across the region.

Scope

*In-depth coverage of acquiring and processing in Belgium, France, Germany, Italy, Netherlands, Spain, Turkey, and the UK

*Discusses the major trends and drivers in European processing, as well as the impact of SEPA and interchange regulation on the future landscape

*Output from European Merchant Survey highlights the major trends and drivers in payment acceptance and acquiring, including take over r industry shares

*Examines merchant views on their take over r, as well as how to encourage card payments, at the industry and regional level

Key Market Facts

Payment cards are the second most accepted payment form across the region, after cash. In terms of increasing card payments, merchants suggest that discounts on card payments and improved card loyalty programs are key.

The region has witnessed a breakdown of the traditional processing model, with interbank processors giving way to third party processors. Acquirers across the region are outsourcing functions such as data processing, customer service, terminal maintenance and fraud operation

Processing is a scale activity. Low margins have contributed to a consolidation of the processing industry across the region. The biggest mergers and take over s have been between Interpay and Equens (the Netherlands), GZS and First Data (Germany), and SIA and SSB (Italy).

Why Should You Buy This Report?

*Understand how the payment card industry is evolving in your industry, giving valuable insight and competitive edge

*Discover the likely outcome of SEPA implementation and a possible reduced level of domestic interchange on the payment market

*Learn how to encourage more card payments in your industry

Payment Processing Industry in France

Overview 1
Catalyst 1
Summary 1
Summary 2
Merchant acquiring and transaction processing within EUR pe - key findings 3
Belgium - key findings 3
France - key findings 4
Germany - key findings 4
Italy - key findings 5
The Netherlands - key findings 5
Spain - key findings 6
Turkey - key findings 6
UK - key findings 7
Data table of Contents 8
Data table of figures 9
Data table of tables 10
Introduction to Merchant Acquiring and Transaction Processing 11
The term 'processing' refers to a variety of activities in the payment process 11
The payment process can involve a sizeable chain of participants 11
The cardholder 11
The issuer 11
The merchant 11
The take over r 11
The transaction processor 11
The scheme 11
The payment service provider 12
The term 'processing' refers to a variety of activities carried out by third parties 12
The merchant take over process involves varying numbers of players 13
The transactional information process involves data flowing from the merchant take over r to the card issuer 13
Costs are deducted throughout the transactional fund process 15
The MSC is the fee paid by the merchant to the merchant take over r 15
The interchange fee is paid by the merchant take over r to the issuer 15
Some issuers work on a closed loop basis 17
The processing value chain includes all activities necessary for card payments to occur 17
In order to avoid confusion, it is important to define the processing value chain 17
A EUR pean bank divides the value chain into policy and operational functions 18
The value chain is replicated on the issuing and acquiring sides 19
EUR pean banks want to retain the relationship with the customer 20
In the US, the value chain is less in the control of the banks 21
The breakdown of traditional processing model is leading to a shift of power in some industry s 22
Acquirers tend to outsource data processing activities 22
Issuers tend to outsource a wider range of activities 23
The processing side has consolidated more than the acquiring side 23
Over time, the EUR pean value chain could start to emulate the American model 24
Merchant Acquiring and Transaction Processing within EUR pe 25
The EUR pean industry has been experiencing steady growth 25
Pay now cards are prevalent in EUR pe 26
Pay later cards 27
The UK is the biggest payment card industry in EUR pe 28
Card penetration is also highest in the UK 29
The acquiring landscape is well developed throughout the region 31
The acceptance infrastructure has steadily grow ed 31
Cash continues to be the most commonly accepted payment method 33
Lack of demand and small business size are two major reasons why cards are not accepted by more merchants 34
Minimum transaction values for card payments are fairly common on average 35
Charges for MasterCard usage are imposed by around 2.9% of respondents 36
Discounts on payments and loyalty programs are the key to encouraging card payments 37
Barclays is the leading take over r in the aggregate industry 38
Merchants are typically satisfied with their acquiring services overall 39
SEPA presents both challenges and opportunities to industry players 40
Processors plan to take advantage of the new structure 42
Most issuers are not concerned by a potential fall in revenue from international transactions 42
Domestic schemes are likely to survive for the moment 42
The possible reduction of the multilateral interchange fee could see issuer revenues fall in certain industry s 43
Merchants want the components of interchange to be unbundled and reflect costs more accurately 43
Merchants argue that the high costs of interchange are to detriment of consumers, as they are forced to pass the charges on in the form of higher distribution prices 43
The market argues that the current setup balances the cost of the market over those who benefit 44
Levels of interchange and MSC have already been subject to domestic regulation in many industry s - the general consensus is they are set to fall further 44
Domestic regulators are pushing to make interchange a more accurate reflection of costs, possibly reducing them to as low as 0.04% 45
Cuts in interchange will see costs cut and revenue recouped elsewhere, leading to a fall in consumer welfare 46
A reduction of interchange in Australia gives an indication of the results of a similar cut in EUR pe 46
Issuers face two options in the face of falling levels of interchange 50
Option one: fight the reduction in interchange 50
Option two: rethink pricing strategies in order to cope with a reduction in interchange 51
Belgium 52
The Belgian industry was worth EUR 59.8 billion in 2006 52
Pay now cards are dominant in Belgium 53
Pay later cards are less important in Belgium 54
The Belgian cards industry is projection to grow at a CAGR of 5.4% to 2011 55
Banksys is central to the Belgian processing landscape 56
Banksys dominates processing in Belgium 56
ATOS Origin also take over d BankCard Firms, a major merchant take over r 56
The acquiring landscape is dominated by Banksys 57
There is one POS terminal for every 90 people in Belgium 57
Levels of acceptance in the Belgian card industry 58
Lack of demand, and expense are two major reasons that cards are not accepted by more merchants 58
Minimum transaction values for card payments are relatively rare in Belgium 59
The application of minimum transaction thresholds for cards is stronger in certain segments 60
Charges for credit card usage are imposed by around 2.5% merchants in Belgium 61
Increasing security and efficiency are the key to encouraging card payments 62
Banksys is the dominant take over r in Belgium 63
Belgian merchants are typically satisfied with their acquiring services 64
France 66
The French industry was worth EUR 334 billion in 2006 66
Pay now cards are less important in France 67
Pay later cards dominate the French industry 68
The French cards industry is projection to grow at a CAGR of 7.1% to 2011 69
The processing landscape is governed by Cartes Bancaires 70
Processing is typically kept in-house 71
The French acquiring landscape is dominated by Crédit Agricole 72
There is one POS for every 55 people in France 72
Levels of acceptance in the French card industry 73
Lack of demand and small business size are two major reasons why cards are not accepted by more merchants 73
Minimum transaction values for card payments are relatively common in France 74
Minimum transaction value thresholds for payments are common for around a quarter of card payments 75
Charges for debit card usage are imposed by around 1.8% of respondents in France 76
Increasing security and efficiency are the keys to encouraging card payments 77
Merchant acquiring is controlled by Cartes Bancaires 78
Crédit Agricole is the dominant take over r in France 79
French merchants are typically satisfied with their acquiring services 80
Germany 82
The German industry was worth EUR 475 billion in 2006 82
Pay now cards are dominant in Germany 83
Pay later cards are relatively rare in Germany 84
The German cards industry is projection to grow at a CAGR of 4.7% to 2011 85
The German processing landscape is dominated by First Data and ATOS 86
Acquiring in Germany is dominated by Volksbank 86
There is one POS for every 142 people in Germany 87
Levels of acceptance in the German card industry 87
Expense and small business size are two major reasons why cards are not accepted by more merchants 88
Minimum transaction value thresholds for payments are fairly uncommon in Germany 89
The application of minimum transaction thresholds for cards is stronger in certain segments 89
Charges for credit card usage are imposed by around 2.5% of merchants in Germany 91
Increasing efficiency and security are key to encouraging card payments 92
Volksbank is the dominant take over r in Germany 93
The large majority of German merchants are satisfied with their acquiring services 94
Italy 96
The Italian industry was worth EUR 176 billion in 2006 96
Pay now cards are dominant in Italy 97
Pay later cards are less important in Italy 98
The Italian cards industry is projection to grow at a CAGR of 7.3% to 2011 99
Acquirers typically outsource processing to SIA-SSB 100
Acquiring in Italy is dominated by Banca Popolare 102
There is one POS terminal for every 52 people in Italy 102
Levels of acceptance in the Italian card industry 102
Business size and expense are two major reasons why cards are not accepted by more merchants 103
Minimum transaction values for card payments are relatively rare in Italy 104
Charges for credit card usage are imposed by around 1.3% of merchants in Italy 105
Offering discounts and improving security are key to encouraging card payments 106
Banca Popolare is the dominant take over r in Italy 107
Italian merchants are typically satisfied with their acquiring services 108
The Netherlands 110
The Dutch industry was worth EUR 138.9 billion in 2006 110
Pay now cards are dominant in the Netherlands 111
Pay later cards are very uncommon in the Netherlands 112
The Dutch cards industry is projection to grow at a CAGR of 4.3% to 2011 113
Processing in the Netherlands is dominated by Equens 114
Acquiring in the Netherlands is dominated by Interpay 114
Infrastructure 115
Levels of acceptance in the Dutch card industry 115
Lack of demand and expense are two major reasons why cards are not accepted by more merchants 116
Minimum transaction value thresholds for payments are fairly uncommon in the Netherlands 117
The application of minimum transaction thresholds for cards is stronger in certain segments 118
Charges for credit card usage are imposed by around 5.5% of respondents 119
Decreasing the cost of using cards and increasing security are key to encouraging card payments 120
Interpay is the dominant take over r in the Netherlands 121
Dutch merchants are typically satisfied with their acquiring services 122
Spain 124
The Spanish industry was worth EUR 204 billion in 2006 124
Pay now cards are common in Spain 125
Pay later cards are less common in Spain 126
The Spanish industry is projection to grow at a CAGR of 8% to 2011 127
There are three major interbank associations in Spain 128
Acquiring in Spain is dominated by BBVA 129
There is one POS for every 34 people in Spain 130
Lack of demand and expense are two major reasons why cards are not accepted by more merchants 131
Minimum transaction values for certain card payments are widespread in Spain 132
The application of minimum transaction thresholds for cards is stronger in certain segments 133
Charges for credit card usage are imposed by only 0.5% of merchants in Spain 134
Discounts on card payments and loyalty programs are the key to encouraging card payments 135
BBVA is the dominant take over r in Spain 136
Spanish merchants are typically satisfied with their acquiring services 137
Turkey 139
The Turkish industry was worth EUR 115.7 billion in 2006 139
Pay now cards in are just in the majority in Turkey 140
Pay later cards account for just under half of all cards in issue in Turkey 141
The Turkish cards industry is projection to grow at a CAGR of 17.9% to 2011 142
The processing landscape is under the control of BKM 143
Acquiring is dominated by Isbank 144
There is one POS for every 55 people in Turkey 144
Levels of acceptance in the Turkish card industry 145
Lack of demand and small business size are two major reasons why cards are not accepted by more merchants 146
Minimum transaction value thresholds for payments are uncommon in Turkey 147
The application of minimum transaction thresholds for cards is stronger in certain segments 148
Charges for credit card usage are imposed by around 0.7% of merchants in Turkey 149
Loyalty programs and greater promotion are key to encouraging card payments 150
Isbank is the dominant take over r in Turkey 151
Turkish merchants are typically satisfied with their acquiring services 152
UK 154
The UK industry was worth EUR 749 billion in 2006 154
Pay now cards are prevalent in the UK 155
Pay later cards are slightly less common in the UK 156
The UK cards industry is projection to grow at a CAGR of 6.6% to 2011 157
Banks in the UK tend to outsource most non-core activities 158
Acquiring in the UK is dominated by Barclays 159
There is one POS for every 58 people in the UK 159
Levels of acceptance in the UK card industry 160
Lack of demand and small business size are two major reasons why cards are not accepted by more merchants 161
Minimum transaction value thresholds are quite common for card payments in the UK 162
The application of minimum transaction thresholds for cards is stronger in certain segments 163
Charges for credit card usage are imposed by around 8.5% merchants in UK 164
Introducing loyalty programs and decreasing card usage are key to encouraging card payments 165
UK merchants are typically satisfied with their acquiring services 167
Appendix 169
Supplementary data 169
Definitions 170
AAGR 170
APACS 170
Average transaction value 171
Balances outstanding 171
Bank of England base rate 171
CAGR 171
Charge card 171
Credit card 171
CVV 171
Debit card 171
EMV 172
Fraudulent use of card details (card-not-present fraud), also known as fraud on phone, mail order or internet transactions 172
Interchange 172
Non-standard 172
OFT 172
Methodology 172
Primary research 172
Secondary research 173
Further reading 174
Ask the analyst 175
Datamonitor consulting 175
Disclaimer 175
List of Tables
Data table 1: Merchant Service Charges across eight EUR pean industries, from 2004 to 2008 44
Data table 2: Proportion of cards with minimum transaction spend by segment, Belgium, 2006 61
Data table 3: Proportion of cards with minimum transaction spend, by segment, France, 2006 76
Data table 4: Proportion of cards with minimum transaction spend, by segment, Germany, 2006 91
Data table 5: Proportion of cards with minimum transaction spend, by segment, Netherlands, 2006 119
Data table 6: Proportion of cards with minimum transaction spend, by segment, Spain, 2006 134
Data table 7: Proportion of cards with minimum transaction spend, by segment, Turkey, 2006 149
Data table 8: Proportion of cards with minimum transaction spend, by segment, UK, 2006 164
Data table 9: Number of payment cards in eight EUR pean industry s 169
Data table 10: Number of transactions on payment cards in eight EUR pean industry s 169
Data table 11: Value of transactions on payment cards in eight EUR pean industry s 170
Data table 12: Number of POS terminals in eight EUR pean industry s 170
Data table 13: Current relevant Datamonitor publications, 2008 174
Data table 14: Future relevant Datamonitor publications, 2008 175
List of Figures
Chart 1: Issuers often outsource non-core activities to processors 13
Chart 2: The transactional information process, 2008 14
Chart 3: Card issuers, processors and take over rs all take their share of the MSC 17
Chart 4: Value is added to the chain at several points throughout the payment process 19
Chart 5: The value chain is replicated on the issuing and acquiring side 20
Chart 6: In the US, the value chain has disintegrated into several separate parts 22
Chart 7: The value of transactions in the industry s measured has grown steadily, from 2002 to 2006 26
Chart 8: The aggregate pay now industry has seen healthy growth, from 2002 to 2006 27
Chart 9: The aggregate pay later industry has seen healthy growth, from 2002 to 2006 28
Chart 10: In terms of transaction value, the UK has the largest industry for payment cards 29
Chart 11: The UK has the highest payment card penetration at 2.8 cards per person 30
Chart 12: The aggregate payment industry is projection to slow over the following four years 31
Chart 13: The number of POS terminals in the aggregate industry has increased steadily between 2002 and 2006. 32
Chart 14: Germany has the highest population per POS terminal 33
Chart 15: Cash is the most commonly accepted payment type, 2006 34
Chart 16: Lack of customer demand and small business size are two major reasons why merchants do not accept cards 35
Chart 17: Minimum transaction values are most commonly imposed on credit card transactions, 2006 36
Chart 18: On average MasterCard credit cards most frequently attract charges, 2006 37
Chart 19: Discounts on card payments are seen as a key way to encourage card use 38
Chart 20: Barclays is the leading take over r in EUR pe 39
Chart 21: Merchants are typically very satisfied with the service they receive from their take over rs 40
Chart 22: The interchange fees levied by Australian card schemes, 2004 48
Chart 23: Australian issuers increased annual fees in response to a cut in interchange, 2002 & 2003 50
Chart 24: The Belgian industry has grown at a CAGR of 8.5% from 2002 to 2006 53
Chart 25: The pay now industry in Belgium has seen healthy growth in the 2002 to 2006 period 54
Chart 26: Growth in the Belgian pay later industry has been much more subdued, from 2002 to 2006 55
Chart 27: The rate of growth in the Belgian cards industry is expected to slow, from 2002 to 2011 56
Chart 28: The number of POS terminals in Belgium has fallen, from 2002 to 2006 57
Chart 29: Cash is still the most commonly accepted payment type in Belgium, 2006 58
Chart 30: Lack of customer demand and expense are two major reasons why merchants do not accept cards in Belgium 59
Chart 31: Minimum transaction values are most commonly imposed on credit card transactions, Belgium, 2006 60
Chart 32: Visa credit cards most frequently attract charges in Belgium, 2006 62
Chart 33: Increasing security is seen as a key way to encourage card use, Belgium, 2006 63
Chart 34: Banksys is the prevalent merchant take over r in Belgium 64
Chart 35: Belgian Acquirers are typically satisfied with the service they receive from merchant take over rs 65
Chart 36: The French industry has grown at a CAGR of 8.6% from 2002 to 2006 67
Chart 37: The pay now industry in France has seen healthy growth in the 2002 to 2006 period 68
Chart 38: The French pay later industry has grown at a similar rate to the pay now industry, from 2002 to 2006 69
Chart 39: The rate of growth in the French cards industry is expected to slow, from 2002 to 2011 70
Chart 40: The table of figures is an optional section and can be removed 71
Chart 41: The number of POS terminals in France has increased steadily between 2002 and 2006. 72
Chart 42: Cheques are the most commonly accepted payment type in France, 2006 73
Chart 43: Lack of customer demand and small business size are two major reasons why merchants do not accept cards in France 74
Chart 44: Minimum transaction values are most commonly imposed on debit card transactions, France, 2006 75
Chart 45: Visa credit cards most frequently attract charges in France, 2006 77
Chart 46: Increasing security is seen as a key way to encourage card use, France, 2006 78
Chart 47: Credit Agricole is the prevalent merchant take over r in France 80
Chart 48: French take over rs are typically very satisfied with the service they receive from merchant take over rs 81
Chart 49: The German industry has grown at a CAGR of 8.7% from 2002 to 2006 83
Chart 50: The pay now industry in Germany has seen healthy growth in the 2002 to 2006 period 84
Chart 51: The pay later industry in Germany has seen healthy growth in the 2002 to 2006 period 85
Chart 52: The rate of growth in the German cards industry is expected to slow, from 2002 to 2011 86
Chart 53: The number of POS terminals in Germany has increased steadily between 2002 and 2006. 87
Chart 54: Cash is still the most commonly accepted payment type in Germany, 2006 88
Chart 55: Expense and business size are two major reasons why merchants do not accept cards in Germany 89
Chart 56: Minimum transaction values are most commonly imposed on credit card transactions, Germany, 2006 90
Chart 57: MasterCard credit cards most frequently attract charges in Germany, 2006 92
Chart 58: Increasing efficiency is seen as a key way to encourage card use, Germany, 2006 93
Chart 59: Volksbank is the prevalent merchant take over r in Germany, 2006 94
Chart 60: The large majority of German merchants are satisfied with their acquiring services 95
Chart 61: The Italian industry has grown at a CAGR of 4% from 2002 to 2006 97
Chart 62: The pay now industry in Italy has seen healthy growth in the 2002 to 2006 period 98
Chart 63: The pay later industry in Italy has seen healthy growth in the 2002 to 2006 period 99
Chart 64: The rate of growth in the Italian cards industry is expected to accelerate, from 2002 to 2011 100
Chart 65: SIA-SSB provides a full range of outsourcing to the Italian industry 101
Chart 66: The number of POS terminals in Italy has increased significantly between 2002 and 2006. 102
Chart 67: Cash is still the most commonly accepted payment type in Italy, 2006 103
Chart 68: Lack of customer demand and not being accepted by an take over r are two major reasons why merchants do not accept cards in Italy 104
Chart 69: Minimum transaction values are most commonly imposed on debit card transactions, Italy, 2006 105
Chart 70: Domestic debit cards most frequently attract charges in Italy, 2006 106
Chart 71: Offering discounts on card purchases is seen as a key way to encourage card use, Italy, 2006 107
Chart 72: Banca Popolare is the prevalent merchant take over r in Italy, 2006 108
Chart 73: Italian merchants are typically satisfied with their acquiring services 109
Chart 74: The Dutch industry has grown at a CAGR of 13.3% from 2002 to 2006 111
Chart 75: The pay now industry in the Netherlands has seen strong growth in the 2002 to 2006 period 112
Chart 76: The pay now industry in the Netherlands has seen strong growth in the 2002 to 2006 period 113
Chart 77: The rate of growth in the Dutch cards industry is expected to slow, from 2002 to 2011 114
Chart 78: The number of POS terminals in the Netherlands has increased steadily between 2002 and 2006. 115
Chart 79: Cash is still the most commonly accepted payment type in the Netherlands, 2006 116
Chart 80: Lack of customer demand and expense are two major reasons why merchants do not accept cards in the Netherlands 117
Chart 81: Minimum transaction values are most commonly imposed on debit card transactions, the Netherlands, 2006 118
Chart 82: Visa credit cards most frequently attract charges in the Netherlands, 2006 120
Chart 83: Decreasing the cost of using cards is seen as a key way to encourage card use, Netherlands, 2006 121
Chart 84: Interpay is the prevalent merchant take over r in the Netherlands 122
Chart 85: Dutch Acquirers are typically satisfied with the service they receive from merchant take over rs 123
Chart 86: The Spanish industry has grown at a CAGR of 12.5% from 2002 to 2006 125
Chart 87: The pay now industry in Spain has seen healthy growth in the 2002 to 2006 period 126
Chart 88: The pay now industry in Spain has shown strong growth in the 2002 to 2006 period 127
Chart 89: The rate of growth in the Spanish cards industry is expected to slow, from 2002 to 2011 128
Chart 90: The number of POS terminals in Spain has increased steadily between 2002 and 2006. 130
Chart 91: Cash is still the most commonly accepted payment type in Spain, 2006 131
Chart 92: Lack of customer demand and expense are two major reasons why merchants do not accept cards in Spain 132
Chart 93: Minimum transaction values are most commonly imposed on credit card transactions, Spain, 2006 133
Chart 94: Visa credit cards most frequently attract charges in Spain, 2006 135
Chart 95: Discounts are seen as a key way to encourage card use, Spain, 2006 136
Chart 96: BBVA is the prevalent merchant take over r in Spain 137
Chart 97: Spanish merchants are typically satisfied with the service they receive from merchant take over rs 138
Chart 98: The Turkish industry has grown at a CAGR of 29.9% from 2002 to 2006 140
Chart 99: The pay now industry in Turkey has seen strong growth in the 2002 to 2006 period 141
Chart 100: Growth in the Turkish pay later industry has been much stronger, from 2002 to 2006 142
Chart 101: The rate of growth in the Turkish cards industry is expected to slow, from 2002 to 2011 143
Chart 102: The number of POS terminals in Turkey has grown steadily between 2002 and 2006. 145
Chart 103: Cash is still the most commonly accepted payment type in Turkey, 2006 146
Chart 104: Lack of customer demand and small business size are two major reasons why merchants do not accept cards in Turkey 147
Chart 105: Minimum transaction values are most commonly imposed on credit card transactions, Turkey, 2006 148
Chart 106: MasterCard credit cards most frequently attract charges in Turkey, 2006 150
Chart 107: Loyalty programs are seen as a key way to encourage card use, Turkey, 2006 151
Chart 108: Isbank is the prevalent merchant take over r in Turkey 152
Chart 109: Turkish merchants are typically satisfied with the service they receive from take over rs 153
Chart 110: The UK industry has grown at a CAGR of 10.5% from 2002 to 2006 155
Chart 111: The pay now industry in the UK has seen strong growth in the 2002 to 2006 period 156
Chart 112: The pay now industry in the UK has seen strong growth in the 2002 to 2006 period 157
Chart 113: The rate of growth in the UK cards industry is expected to slow, from 2002 to 2011 158
Chart 114: The number of POS terminals in the UK has increased steadily between 2002 and 2006. 160
Chart 115: Cheques are the most commonly accepted payment type in UK, 2006 161
Chart 116: Lack of customer demand and small business size are two major reasons why merchants do not accept cards in the UK 162
Chart 117: Minimum transaction values are most commonly imposed on credit card transactions, UK, 2006 163
Chart 118: MasterCard and Visa credit cards most frequently attract charges in the UK, 2006 165
Chart 119: Loyalty programs are seen as a key way to encourage card use, UK, 2006 166
Chart 120: Barclays is the prevalent merchant take over r in the UK 167
Chart 121: UK merchants are typically satisfied with the service they receive from merchant take over rs 168