The $648 million fine was levied against the credit card giant on Tuesday, reports Reuters. It comes after a European Commission investigation into Mastercard’s practices of not allowing merchants to shop around other European banks for better card transaction fees. Announcing the fine, European Competition Commissioner Margrethe Vestager said:
“By preventing merchants from shopping around for better conditions offered by banks in other member states, Mastercard’s rules artificially raised the costs of card payments, harming consumers and retailers in the EU.”
The $648 million fine (570.6 million euros) is the amount Mastercard was hit with after receiving a 10% fine reduction for cooperating with the European Commission’s investigation.