The European General Court decided against MasterCard on part of its interchange fee policy yesterday, confirming a ruling against the company from 2007.
The Court has held that MasterCard’s intra-EEA multilateral interchange fees (MIF) violate EC Treaty rules on restrictive business practices, upholding the European Commission’s decision from five years ago.
The decision will lead to “more transparent credit and debit card fees and potentially lower retail costs” for European consumers, the Financial Times writes, and could also lead to widespread change at a number of significant payments players.
Following the decision, MasterCard issued a statement arguing that the judgment will ultimately hurt Europe’s commerce system. “Today’s ruling, if it stands, would upset that sharing and tip the balance decidedly against consumers,” said Javier Perez, President, MasterCard Europe. “It would also threaten the continued delivery of the most advanced electronic payment technologies in Europe which, in turn, are essential to facilitating business and driving economic growth.”
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