US orders Mastercard to stop blocking competing payment networks
Add BT as a preferred source
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
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Singapore Kitchen CEO, senior manager charged with alleged fraud, falsifying accounts; both to stay in jobs for now
Johor property old hand KSL readies family handover amid market boom
The tourism tug-of-war – concerts, cash and culture wars in Malaysia
Japanese mid-sized firms flocking to South-east Asia for growth
