The European Commission said MasterCard unfairly prevented retailers from seeking cheaper rates from banks outside the EU country where they are based. MasterCard’s curbs on cross-border acquiring ended when the EU introduced credit card legislation in 2015. The EU’s probe started in 2013 and escalated with a statement of objections two years later.
MasterCard last month set aside $650 million to cover the fine, less than a potper cent1 billion euros it flagged as a possibility in 2017. The company got a 10 percent fine reduction for cooperating with the EU, regulators said.
MasterCard and Visa Inc. are separately seeking to settle another EU probe into fees charged for tourists shopping in Europe, which would see them avoid fines. MasterCard has also been sued by retailers seeking compensation after an earlier EU investigation found their cross-border payment fees unfairly restricted competition.