{"id":6586,"date":"2019-01-22T14:19:51","date_gmt":"2019-01-22T14:19:51","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/mastercard-fined-504m-by-europe-for-competition-breach\/"},"modified":"2019-01-22T14:19:51","modified_gmt":"2019-01-22T14:19:51","slug":"mastercard-fined-504m-by-europe-for-competition-breach","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/mastercard-fined-504m-by-europe-for-competition-breach\/","title":{"rendered":"Mastercard fined \u00a3504m by Europe for competition breach"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape no-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"Mastercard sign\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/C679\/production\/_105290805_mediaitem105290803.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Reuters<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p class=\"story-body__introduction\">The European Commission has fined Mastercard \u20ac573m ($650m, \u00a3504m) for anti-competitive behaviour. <\/p>\n<p>It said Mastercard had prevented retailers using cheaper banking services outside their home country.<\/p>\n<p>Prior to 2015, Mastercard obliged banks receiving card payments to use a fee set in their home country, even if cheaper rates were available elsewhere in the European Union.<\/p>\n<p>Mastercard said the closure of the case was an important milestone.<\/p>\n<p>Commissioner Margrethe Vestager said: &#8220;European consumers use payment cards every day, when they buy food or clothes or make purchases online.<\/p>\n<p>&#8220;By preventing merchants from shopping around for better conditions offered by banks in other member states, Mastercard&#8217;s rules artificially raised the costs of card payments, harming consumers and retailers in the EU.&#8221;<\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\"><a href=\"https:\/\/www.bbc.co.uk\/news\/business-41916711\" class=\"story-body__link\">How credit cards changed the way we spend<\/a><\/li>\n<li class=\"story-body__list-item\"><a href=\"https:\/\/www.bbc.co.uk\/news\/uk-england-46876577\" class=\"story-body__link\">Businesses break card surcharge rules<\/a><\/li>\n<\/ul>\n<p>Mastercard is the second biggest supplier of credit card services in the European market.<\/p>\n<p>The fine was reduced by 10% to reflect Mastercard&#8217;s co-operation with the investigation.<\/p>\n<p>&#8220;This decision relates to historic practices only, covers a limited period of time of less than two years and will not require any modification of Mastercard&#8217;s current business practices,&#8221; the company said in a statement. <\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-46963429\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Reuters The European Commission has fined Mastercard \u20ac573m ($650m, \u00a3504m) for anti-competitive behaviour. It said Mastercard had prevented retailers using cheaper banking services outside their home country. Prior to 2015, Mastercard obliged banks receiving card payments to use a fee set in their home country, even if cheaper rates were available elsewhere in &hellip; <\/p>\n","protected":false},"author":0,"featured_media":6587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/6586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=6586"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/6586\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/6587"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=6586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=6586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=6586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}