EU Commission fines Mastercard for $ 650 million

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The European Commission fined Mastercard $ 650 million on charges of artificial charges because of the number of banks that traders can handle. The financial sanction was ratified and announced yesterday by the European Court after several years of investigation by an international group of European investigators.

EU investigators have built up their charges based on the way bank cards work and MasterCard has set several restrictions to indirectly or “artificially” earn more fees for it. In normal circumstances, when a buyer does not pay by credit card, the merchant bank pays a fee to the buyer’s bank, which is known as reciprocal fees and is calculated on a fixed percentage of the amount paid by the buyer.

How did Mastercard earn more fees?
According to the European Commission’s report, Mastercard was asking merchants and sellers to deal only with banks within their countries of residence or in which they conduct business, which converted any increase in fees to consumers to ensure traders the same as their previous profits.

The Mastercard’s violation of this demand, which was later converted into a force, is that the EU allows traders to deal with banks outside the state in which the business is conducted. The results of the investigations also indicate that this requirement led to an increase in fees paid by merchants who accept Mastercard cards without For any other cards.

The Mastercard helped the EU fully during the investigations, prompting the latter to reduce the fine by 10%, or about $ 60 million. These investigations coincide with the European Union’s action to reduce bank fees over the past years, announcing that fees for bank cards are 0.2% and for credit cards 0.3%.

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