(MENAFN) U.S.-based financial services firm Mastercard has been slapped with a USD647 million fine by the European Commission (EC).
The fine was imposed on the American company on charges of violating the rules of the antitrust, stressed Margrethe Vestager, a commissioner responsible for competition policy.
Mastercard, the commission explained, limits retailers' potentials to gain a profit from better offers other banks present.
"By preventing merchants from shopping around for better conditions offered by banks in the other member states, Mastercard's rules artificially raised the costs of card payments, harming consumers and retailers in the EU," Vestager stated.
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