Retail News

EU fines Mastercard over higher interchange fees

The Wall Street Journal 01/22/2019

The European Union has fined Mastercard $648.2 million after charging the credit card company with arbitrarily raising the cost of “interchange fees” paid by retailers for processed transactions after preventing merchants from shopping around for better deals. “Mastercard’s rules artificially raised the costs of card payments, harming consumers and retailers in the EU,” said Margrethe Vestager, the EU’s competition chief.

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