Categories: BusinessEurope News

EU court: MasterCard cross-border fees were anti-competitive

The European Court of Justice has rejected a MasterCard appeal and upheld the ruling that its fees were anti-competitive

The European Court of Justice has rejected a MasterCard appeal and upheld the ruling that its fees were anti-competitive.

The court said regulators were right to condemn the cost of its interchange fees – the fees retailers pay banks to process card payments – and has rejected an appeal.

MasterCard was investigated last year for the amount it charged for card transactions in Europe.

The company’s president said the ruling was “disappointing”.

The European Court of Justice has rejected a MasterCard appeal and upheld the ruling that its fees were anti-competitive (photo Reuters)

Javier Perez, president of MasterCard Europe said despite that, the ruling would have “little or no impact on how MasterCard operates”.

He said: “We will continue to comply with the decision as we have been doing for a number of years. This means we would maintain our European… cross-border consumer interchange fees at a weighted average of 0.2% for debit and 0.3% for credit.”

MasterCard is the second-largest credit and debit card company after Visa.

The decision ends MasterCard’s seven-year battle against a decision made by the EU’s competition watchdog.

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Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.