MasterCard Weighs Appeal Of Hungarian Competition Office Resolution
- 3 Feb 2016 8:00 AM
MasterCard said it disagrees with a Competition Office (GVH) resolution and fine for abusing its market position, and it is considering appealing it. GVH fined MasterCard Europe SA 88 million forints (EUR 282,000), saying MasterCard set its interchange fees - a fee typically paid by the retailer’s bank to the cardholder’s bank every time a bank or credit card is used - in a way that could squeeze out competitors.
Between February 2011 and the end of 2013, MasterCard set its interchange fees with the knowledge of an interchange cap peer VISA committed to adopt in order to end a procedure launched against it by the European Commission, GVH said, adding that the fact MasterCard was not a repeat offender had been a mitigating factor in determining the size of the fine.
Last June, the Interchange Fees Regulation was introduced in the European Union. The regulation imposes a cap on interchange fees or the most frequently used cards.
Source www.hungarymatters.hu - Visit Hungary Matters to sign-up for MTI’s twice-daily newsletter.
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