More on UK OFT/MasterCard Investigation
Rupert Jones reports for The Guardian on the investigation launched yesterday by the UK's Office of Fair Trading (OFT) into "anti-competitive" behavior by MasterCard over interchange fees.
Mastercard has argued that the fee covers funding of the interest-free credit period offered by many cards, but the watchdog has already ruled that this has nothing to do with the payment services provided to retailers. The OFT said last time that the inclusion of "extraneous costs" within the fee provided a large flow of revenue to card issuers, and the incentive to persuade customers to use Mastercard plastic, which distorted competition.
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