MasterCard overcharged EU customers
Print Edition
THE EU yesterday said the US credit-card giant MasterCard overcharged customers and retailers, having already found rival Visa at fault over fees levied on card payments.
The European Commission said in a preliminary statement of objections that it believed MasterCard was in breach of EU single market competition rules.
“Many consumers use payment cards every day, when they shop for food, clothes or purchase anything online. We currently suspect MasterCard is artificially raising the costs of card payments, which would harm consumers and retailers in the EU,” EU Competition Commissioner Margrethe Vestager said. “We have concerns both in relation to the rules MasterCard applies to cross-border transactions within the EU, as well as the fees charged to retailers for receiving payments made with cards issued outside Europe,” Vestager said.
MasterCard confirmed it had received the commission’s statement of objections. “We are also working with the European Commission on the issue as part of an ongoing constructive dialogue,” it said. “Throughout this procedure we have kept the needs of both consumers and merchants in mind and aim to further encourage the uptake of electronic payments inside and outside the European Union.”
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