UK Probes Visa, Says Mastercard Anti-Competitive

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00002587-uk-probes-visa-says-mastercard-anti-compe/

LONDON – Britain’s competition watchdog has launched a probe into fees charged by Visa members and reiterated earlier findings that fees charged by rival credit card association Mastercard UK infringe competition rules.

The Office of Fair Trading said on Wednesday it had reasonable grounds for suspecting that Visa’s agreement with British credit card issuers on so-called interchange fees paid by retailers to issuing banks restricted competition.

The OFT also confirmed previous preliminary findings that the agreement on such fees between MasterCard UK, part of the global Mastercard organisation, and its members — essentially all major British financial institutions including leading credit card issuers Barclays and Royal Bank of Scotland — breached European and British competition rules.

For this complete story, please visit UK Probes Visa, Says Mastercard Anti-Competitive.

UK Probes Visa, Says Mastercard Anti-Competitive

Unknown Author

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