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Mastercard Fined $647 Million By European Union

Tuesday, January 22, 2019, 6:15 PM

The European Union has fined global credit card giant Mastercard 570 million euros ($647 million) for limiting competition between banks offering cheaper payment fees. "By preventing merchants from shopping around for better conditions offered by banks in other member states, Mastercard's rules artificially raised the costs of card payments, harming consumers and retailers," EU competition commissioner Margrethe Vestager said.

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