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.