MasterCard overcharges Consumers and Retailers- says EU

 

"We currently suspect MasterCard is artificially raising the costs of card payments," said the EU statement.

Those fees harm consumers and retailers in the EU, Commissioner Margrethe Vestager, in charge of competition policy, said.

Today's objections from the EU are part of a long-running investigation against the credit card giant.

The EU is focusing on what's known as 'interchange fees' - the fees retailers pay banks to process card payments.

A separate investigation into Visa's interchange fees is also being carried out by the EU.

MasterCard now has the opportunity to respond to these objections.