- Payments company Network International said was not currently able to assess the impact on its business from a United Arab Emirates move to cut merchant costs for card transactions.

The company, which is focused on the Middle East and north Africa, noted that the UAE's central bank had set out steps to respond to the COVID-19 outbreak.

Among them was were new regulations with the objective of lowering the costs incurred by merchants when their customers paid using debit or credit cards.

'A large proportion of the fees paid by the merchants pertains to the interchange fees, which are typically pass through cost for the company,' Network International said.

'Network International is currently unable to assess the impact, if any, these measures may have on its business until further details are made available.'

At 9:37am: [LON:NETW] Network International Holdings PLC share price was -42p at 391p

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