Friday, June 30, 2006

"EU Steps Up Pressure on MasterCard Interbank Fees" (Reuters)

In a statement, the Commission said it "takes the preliminary view that MasterCard restricts competition between member banks by pre-determining a minimum price retailers must pay for accepting MasterCard and Maestro branded payment cards.

"The Commission's preliminary view is that such behavior is contrary to the EC Treaty's ban on restrictive business practices."

The statement of objections related to the company's "cross-border interchange fees," or inter-bank fees paid by merchant banks to card-issuing banks for over-the-counter payments with MasterCard or Maestro cards.

[Source: Reuters]