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MasterCard could face a fine of up to €230 million after the EU accused it of
anti-competitive behaviour by fixing the fees that retailers pay to accept its
payment cards.
The European Commission said it had sent a supplementary "statement of
objections" to MasterCard which also owns the Maestro debit card brand.
The Commission first accused the Mastercard, along with rival Visa, of
restrictive practices through pre-determining "cross-border interchange fees" in
2003.
MasterCard is also being investigated by the OFT as regulators mount an
investigation into anti-competitive behaviour in the EU's financial services
sector.
Before it decides whether the group has violated EU competition rules, the
Commission may first face a direct challenge at an oral hearing.
It has powers to ban the interchange fees and impose a fine of up to 10% of
MasterCard's turnover.
Source:
Getting Paid
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