MasterCard is fined by the European Union
The European Commission fines Mastercard with 570 million euros for obstructing free competition
European Union (EU) competition commissioner, Margrethe Vestager, stated that “Mastercard artificially raised the costs of card payments, thereby hurting consumers and retailers in the EU.”
It was concluded that the credit card and payment methods manager made it impossible for retailers to seek better payment terms with credit cards in banks throughout Europe.
According to Margrethe Vestager, Mastercard rules artificially raised the costs of card payments, undermining consumers and retailers. For its part, the amount of the fine that was 570 million euros is based on factors such as the value of sales related to the infringement and its severity.
Mastercard, which also controls the Maestro brand, is the second largest card provider in Europe and was granted a 10 percent reduction for cooperating with the investigation.
L.Sáenz
Source: Euronews.com
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