Mastercard 'overcharges' consumers and retailers, say EU officials

  • EU officials say that Mastercard has been overcharging consumers through the fees it charges.

    The firm is being suspected of “artificially raising” costs of card payments, the EU said in a statement. Margrethe Vestager, the competition commissioner, said the fees harmed EU retailers and consumers.

    Mastercard said it was working with the Commission on the issue, and had kept “needs of both consumers and merchants in mind”.

    The EU probe is focusing on interchange fees, which are paid by retailers to banks while processing credit card payments.

    Tagged as: EU officials, Mastercard, fees, Margrethe Vestager, competition commissioner, interchange fees, credit card payments, business news