Mastercard receives billions of dollars fine from the EU

MasterCardMasterCard.Photo: Jon Olav Nesvold / NTB scanpix

The EU has imposed a fine of EUR 570 million (NOK 5.5 billion) on the global credit card company Mastercard for holding back the competition between banks.

Mastercard is the next largest credit card company in Europe after Visa and has been the subject of EU scrutiny since April 2013.

EU Competition Commissioner Margrethe Vestager says that Mastercard has artificially increased the cost of payment by credit card by preventing shop owners from searching for better conditions with banks in other countries, which damages both consumers and retailers.

The fine would have been higher, but the EU reduced it by 10 percent because Mastercard has collaborated with the investigation.

© NTB Scanpix / #Norway Today