UK regulator fines Mastercard, others for prepaid cards cartel
Reuters
Published Jan 18, 2022 07:33
LONDON (Reuters) - Britain's payments regulator on Tuesday fined five payments companies including Mastercard (NYSE:MA) a total of 33 million pounds ($45.01 million) for cartel behaviour in the country's prepaid cards market.
Mastercard received the largest fine of 31.56 million pounds. The other companies fined were allpay, Advanced Payment Solution, Prepaid Financial Services and Sulion.
The Payment Services Regulator said the firms broke competition law by agreeing not to compete or poach each other's customers on pre-paid cards offered by local authorities to distribute welfare payments to vulnerable people.
($1 = 0.7331 pounds)
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Written By: Reuters
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