Mastercard and Visa lose legal round against UK retailers

Thursday 18 June 2020 11:22 CET | News

UK’s Supreme Court has come down to the decision that Visa and Mastercard infringed EU antitrust rules by illegally restricting competition in the acquiring market.

The case, which dates back to 1992, was brought by retailers Sainsbury’s, Morrisons, Asda, and Argos and is related to the charges Visa and Mastercard levy on the retailers when cardholders make a transaction – a default multilateral interchange fees (MIFs).

The UK Supreme Court upheld the finding of the Court of Appeal in July 2018 that the MIFs charged within the Visa and MasterCard payment card schemes was an unlawful restriction of both European Union and UK competition law.

The ruling means the retailers can proceed to a trial to decide compensation. However, Mastercard said the Supreme Court’s decision was not a final ruling and there will be further court hearings to determine the key issues raised. It said these hearings will most likely not take place until 2021.

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Keywords: UK, MasterCard, Visa, retail, retailers, Sainsbury’s, Morrisons, Asda, Argos, transactions , multilateral interchange fees, MIFs, Court of Appeal, Europe, European Unions
Categories: Payments & Commerce
Countries: United Kingdom
This article is part of category

Payments & Commerce