One of the main driving forces behind the adoption of cryptocurrency is freedom from excessive Bank and credit cards. Today’s news that the European Union has imposed on the Mastercard fine in the amount of $ 650 million for the deliberate increase in expenses, only confirms this.
According to the WSJ, the European Commission fined Mastercard on 570 million euros (650 million dollars) for violating antitrust rules by artificially raising the cost of payment processing that led to higher prices for retailers and consumers.
The European regulator found that Mastercard do not allow retailers to find lower rates outside the countries where they work. He argues that the limited cross-border competition and increases prices for retailers and customers.
A six-year investigation investigated the Commission that banks charge to merchants, known as “commissions for exchange”, when customers make purchases using credit/debit cards. Margret Vestager, Commissioner of the Union on competition issues, said:
“Not allowing sellers to work in search of better conditions offered by banks in other States, Mastercard artificially increased the cost of payments, to the detriment of consumers and retailers in the EU”
In an attempt to shirk responsibility, Mastercard said they stopped this practice and take the penalty with no arguments:
“This decision relates only to historical practice and covers a limited time period of less than two years, and will not require any changes to current business practices Mastercard”
Real justice would be if this penalty is distributed back to the consumers affected by artificially high prices and not would fill the coffers of the EU in Brussels. Most likely, during the work of this practice Mastercard earned significantly more, and this fine they only, once again, “escaped” from the controller.
