Mastercard Faces UK Fine For Pre-Paid Cards 'Cartel'

Law360, London (March 31, 2021, 11:01 AM BST) -- Britain's payments watchdog set out provisional findings on Wednesday that five payment companies including financial giant Mastercard violated antitrust laws by operating a cartel for pre-paid card services, with three of them facing fines of up to £32 million ($44 million).

Mastercard and four other payment companies took part in anti-competitive behavior by agreeing not to compete, the payment regulator has said. (AP Photo/Elise Amendola) Mastercard, allpay, APS Payments, Prepaid Financial Services Ltd. (PFS) and Sulion Ltd. engaged in anti-competitive behavior by agreeing not to compete or poach each other's clients, the Payment Systems Regulator said.

The pre-paid cards at the...

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