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| MasterCard (Photo credit: Wikipedia) |
May 24, 2012
BRUSSELS–(BUSINESS WIRE)–May. 24, 2012– MasterCard Europe today announced its disagreement with today’s judgment of the General Court in Luxembourg concerning cross-border interchange fees and said that it intends to appeal the judgment.
Commenting on the judgment, Javier Perez, President, MasterCard Europe said: “MasterCard balances the interests of both consumers and retailers, so that each party pays its fair share of the costs for the benefits it receives. Today’s ruling, if it stands, would upset that sharing and tip the balance decidedly against consumers. It would also threaten the continued delivery of the most advanced electronic payment technologies in Europe which, in turn, are essential to facilitating business and driving economic growth.”
Notes to editors:
- In December 2007, the European Commission decided that MasterCard Europe’s cross-border interchange fees were breaching EU competition law.
- In March 2008, MasterCard challenged the Commission’s decision before the EU’s General Court in Luxembourg.
- MasterCard has rigorously complied with the decision by reaching an interim agreement with the Commission. It set its cross-border interchange fees at 20 bps for debit transactions and at 30 bps for credit transactions.
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
Source: MasterCard
