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EU up against MasterCard

The EU's executive body said MasterCard may have violated EU antitrust rules by fixing the fees of millions of retailers they must pay for accepting its payment cards. The Commission sent a supplementary statement of objections (SO) to the company on June 23 related to the company's "cross-border interchange fees," or inter-bank fees paid by merchant banks to card-issuing banks for over-the-counter payments with a MasterCard or Maestro payment card. MasterCard issues 45% of all credit and debit cards in Europe. (Vg)