US orders Mastercard to stop blocking competing payment networks

THE Biden administration on Friday (Dec 23) said it was ordering Mastercard to stop blocking the use of competing networks to process debit payments.

Under a proposed order, Mastercard would have to start providing competing payment networks with the customer account information they need to process payments, the Federal Trade Commission (FTC), which enforces competition laws, said in a statement.

“This is a victory for consumers and the merchants who rely on debit card payments to operate their businesses,” said Holly Vedova, Director of the FTC’s Bureau of Competition in a press release announcing the move.

Mastercard did not immediately respond to a request for comment. REUTERS