London – January 30, 2017 – Mastercard is grateful that the Court has found in its favor with respect to the significant issues being heard in this case. The Court recognized the immense benefits that retailers derive from our payment system. In rejecting the retailers’ claims, it found that Mastercard’s interchange fees did not restrict competition and were necessary for the functioning of its payment system. In addition, the Court carefully analyzed Mastercard’s interchange rates for the entire period of the claim and found that those rates were significantly below the lawful level of interchange that could have been charged to the retailers for those benefits.
Mastercard views this decision as a confirmation of the legitimacy and importance of interchange in our payment system and a recognition that its value based interchange rates were lawful and compliant with competition law.
We remain committed to our retail partners and will continue to focus on helping grow their businesses and encouraging the adoption of ever more convenient, safe and secure payments.
Read full Press Release here: http://newsroom.mastercard.com/press-releases/mastercard-statement-on-favourable-judgment-of-popplewell-j-of-the-uk-commercial-court-regarding-uk-retailer-action-on-interchange-fees/
Other point of sale articles of interest:
- Smart Label Market Will be Worth $16.12 Billion by 2025: Grand View Research, Inc.
- Cannabis Industry Sees Cautionary Optimism and New POS Market Opportunities
- Applied Business Software Announces Partnership with Payment Data Systems
- New Data Shows Bigger Smartphones are Responsible for Increasing E-Commerce Sales
- Besser Ace Hardware Launches Epicor Eagle N Series to Rejuvenate Operations in Downtown Location
- Quick Service Restaurant IT Market - U.S. Industry Analysis & Forecast 2016 - 2024
- Total Merchant Services Offers Free Payment Processing for Businesses of All Types
- Global and China Mobile Payment Industry Report, 2016-2020
Get The Point of Sale News once a month, once a week or once a day. Subscribe here.