Mastercard hit by ACCC for undermining the RBA on payment costs
The competition regulator is taking Mastercard to the Federal Court, alleging it engaged in anticompetitive conduct that undermined the Reserve Bank’s efforts to reduce payment costs for retailers.
The court action alleges the US financial services giant used its market power to reduce competitive tension in the $430 billion debit card market by providing discounts to retailers on credit card transaction fees if they sent debit card payments to the Mastercard network.
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