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MasterCard loses EU court battle over cross-border card fees


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MasterCard loses EU court battle over cross-border card fees

MasterCard has lost its challenge at Europe’s highest court against an EU ban on its cross-border card fees.

Brussels has been fighting the world’s second-largest credit and debit card company after Visa over charges to retailers for credit and debit card transactions outside the originating country.

The EU argued the fees – which are a lucrative source of revenue for the financial industry – are anti-competitive and and artificially increase prices for customers.

The Court of Justice of the European Union said a lower court verdict in 2012 upholding the European Commission’s initial finding against MasterCard in 2007 was correct.

The ruling came as the EU prepares to place a cap on all such cross-border fees.

Following the Commission’s 2007 veto, MasterCard has since reached a deal with regulators to cap its fees for cross-border transactions within Europe at 0.2 percent for debit card and credit cards at 0.3 percent.

with Reuters

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