EU fines Mastercard $648M

The European Commission levied a $648.3 million fine against Mastercard.

The fine stems from allegations that the credit card company limited possibilities for merchants.

"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 in the EU," European Competition Commissioner Margrethe Vestager said in a statement.

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