Visa (V), Mastercard (MA) and British fintech Revolut lost a case that challenged the UK payments regulator over its proposed cap on cross-border card fees, Reuters reported Thursday.

The three companies had brought a case at London's High Court arguing that the Payments System Regulator did not have the power to impose a cap on fees charged when European consumers buy online from UK businesses, the report said.

But Judge John Cavanagh ruled that the regulator has the power to impose its proposed price caps on interchange fees, according to the report.

Visa, Mastercard, and Revolut did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)