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EU: MasterCard fee probe officially underway

By  |  April 17, 2013
EU: MasterCard fee probe officially underway

The European Commission has officially launched an investigation into credit card giant MasterCard in efforts to earn more about the fees the company charges its customers during their trips in Europe. Reports say the Commission noted that the fees, known as inter-bank fees, may be anticompetitive; the authority is also reportedly looking into the allegations against MasterCard that the company discriminated against merchants that look to use banks outside their own country in order to save money. MasterCard faces a fine of 10 percent of its 2012 revenue, amounting to about $740 million. The investigation will cover the 27 members of the European Union as well as Norway, Liechtenstein and Iceland.

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