Mastercard: Commission fines company 570 million euros
(CercleFinance.com) - The European Commission said at lunchtime that it has fined the multinational financial services corporation Mastercard for "Antitrust" that violated the European rules, i.
e. it is "in breach of EU antitrust rules".
According to the European competition regulator, the group is "for limiting the possibility for merchants to benefit from better conditions offered by banks established elsewhere in the Single Market."
"The Commission investigation found that because of Mastercard's cross-border acquiring rules retailers paid more in bank services to receive card payments than if they had been free to shop around for lower-priced services. This led to higher prices for retailers and consumers, to limited cross-border competition and to an artificial segmentation of the Single Market," the European Commission said.
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e. it is "in breach of EU antitrust rules".
According to the European competition regulator, the group is "for limiting the possibility for merchants to benefit from better conditions offered by banks established elsewhere in the Single Market."
"The Commission investigation found that because of Mastercard's cross-border acquiring rules retailers paid more in bank services to receive card payments than if they had been free to shop around for lower-priced services. This led to higher prices for retailers and consumers, to limited cross-border competition and to an artificial segmentation of the Single Market," the European Commission said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.