Mastercard must provide competing payment networks, customers’ data to process debit transactions. – FTC.

CURRENCIES TECH WORLD NEWS

Mastercard must provide competing payment networks, customers’ data to process debit transactions. – FTC.

December 24, 2022December 24, 2022

The Biden administration announced on Friday that it has ordered Mastercard Inc. to stop preventing the processing of debit payments through competitor networks.

The Federal Trade Commission, which upholds competition laws, said in a statement that Mastercard will have to start giving other payment networks the consumer account information they use to process payments under a proposed ruling.

According to Holly Vedova, head of the FTC’s Bureau of Competition, “this is a victory for consumers and the retailers who depend on debit card payments to operate their operations.”

In a statement, Mastercard stated that it and the commission had achieved an understanding of the routing of some debit card transactions. It also stated that it believed its present methods to be “lawful” and that it offered businesses options.

The business stated, “We will keep working to modernize our systems to comply with the consent order and enable even more choice.”

20k

60k

100k

500k

600k