Saturday , January 23 2021

Brussels Fine MasterCard at 570 million for the abuse of dominant status

"By stopping traders from better rates offered by established banks in other member states, the rules imposed by MasterCard artificially boost card payments, harmful customers and traders in the European Union (EU), "Vestager with the European Commissioner Competition.

According to a statement, MasterCard has barriers to access to cross-border card payment services, through which they can avail of less charge for the use of the card.

For Brussels, MasterCard has violated competition rules by complaining to traders where the card is used to apply the rates made in that country, in which MasterCard prevents gaining advantage from better positions with established banks in the European Economic Area (EEA). Decision to impose € 570,566.00

This process began in July 2015, and in December of that year, the limitations of the commission charged on card payments were issued.

MasterCard is the second largest issuers of cards in the EEA (EU, Norway, Iceland and Liechtenstein) and this payment method plays an important role in the single market in national and cross-border transactions.

European businesses and customers pay their half-card

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