EU regulators fine Mastercard more than half a billion euros

Combined Shape

BRUSSELS (AP) — The European Commission has fined Mastercard 570 million euros ($648 million) for stopping retailers from looking for better card payment terms at banks around Europe.

The Commission, which polices competition, said Tuesday that Mastercard’s rules prior to 2015 forced retailers to pay certain bank fees in the country they are located rather than let them shop around.

EU Competition Commissioner Margrethe Vestager said that “Mastercard’s rules artificially raised the costs of card payments, harming consumers and retailers in the EU.”

Mastercard, which also controls the Maestro brand, is the second-largest card program in Europe.

The Commission says the size of the fine was based on factors like the value of sales relating to the infringement and its gravity.

Trending:
Biden Cancels Trump's 'Garden of American Heroes' and Ends Exec Order Protecting Monuments

Mastercard was granted a 10 percent reduction for cooperating with investigators.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →






We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
Combined Shape
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation