Mastercard accused of artificially increasing credit card processing fees

European Union officials have accused Mastercard of overcharging consumers with the fees the company charges.

“We currently suspect Mastercard is artificially raising the costs of card payments”.

Those fees harm consumers and retailers in the EU, competition commissioner Margrethe Vestager said.

The credit card company said it was “working with the European Commission on the issue” and was preparing a formal response.

More details can be found here.

Naughty, naughty, Mastercard.

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