European commission has found that Mastercard has been routinely overcharging their customers & conspiring against merchants, which means Mastercard has been found to be breaking the European Union’s antitrust rules and slapped with a hefty fine.
This header stood out for me from the article, Mastercard being the second largest credit card company in the European area can just essentially make up their own rules and force retailers to follow them.
This incident highlights how easily profit-driven payment giants can bend the rules
Unfortunately even $650 million is just a drop in the ocean for a company like Mastercard, sure maybe some executive somewhere gets fired, but I doubt it will really force them to clean up their act.
Decentralized payments via crypto could solve these problems, if implemented correctly - but you would need to be able to answer the needs of the customer & the merchant. Any thoughts on a crypto project that could be the answer for retailers?