The European Commission Fined Mastercard for €570 Million

The European Commission fined the Mastercard payment system for €570.6 million ($648.3 million) for abusing the dominant position in the EU non-cash transaction market. It is reported by Bloomberg, with reference to the statement of the regulator.

Mastercard limited the ability of European retailers to use more profitable cross-border payment services offered by banks in other EU countries: the payment system artificially increased the cost of card payments by introducing an additional commission, according to a resolution of the European Commission.

The regulator noted that the Company cooperated with the investigation, and thanks to this, the size of the fine was reduced by 10%.

The investigation related to Mastercard was started in 2013. The payment system revised its Policy in 2015, after a change in European legislation, Bloomberg reminds. The Company stated that the practice, which the European Commission is talking about, existed for less than two years and is no longer applied now.

About the author

InvestorGreg Editorial Team

InvestorGreg Editorial Team

The InvestorGreg Editorial Team is a group of financial writers and analysts who cover the worlds of finance and investment. Read more

Recommended Financial Products

A household name, Fidelity has always been known to be a reputable investment firm. In our Fidelity Broker Review, we will examine some of the pros and cons of this broker as well as the fees charged by the broker.
Charles Schwab
Charles Schwab has been one of the leading full-service brokers for decades. They have more than $3 trillion in client assets and there are more than 10.5 million active brokerage accounts.
ETrade is a broker that has long been at the forefront of online trading. They made their first online trade in 1982. Let’s take a look at the broker offering and see if they are right for you.
Vanguard Brokerage, an excellent choice of broker for low cost longterm investment. The broker offers the lowest expense ratio for index funds and ETF's.

Full list of recommended

Suggested For You

Global Payments and Total System Services Merged MAY 29, 2019 Global Payments and Total Systems Services, US payment services, concluded a merger agreement. It is planned to close the deal in the fourth quarter of 2019.
Square Payment Service Lost $28 Million for the Quarter MAR 1, 2019 The quarterly loss of Square, an American financial and technological company, increased by 78%. The shares began to fall in price. Investors are disappointed in the Company’s prospects.
Charles Schwab Will Buy TD Ameritrade for $26 Billion NOV 29, 2019 Charles Schwab, the largest US broker, announced the purchase of its competitor, TD Ameritrade, by pooling of interests. The deal amounted to $ 26 billion.
Virus in China Hit Global Financial Markets JAN 22, 2020 Quotes on global stock markets decreased due to concerns about the dissemination of the deadly coronavirus in China. Asian markets affected the most extent.
Nissan Is Being Investigated in the USA JAN 30, 2019 The US Securities and Exchange Commission (SEC) is conducting an investigation of Nissan, the Japanese motor manufacturer, concerning payments to the Company’s managers.