Wednesday , April 24, 2019

Mastercard’s $648 Million Fine and other Digital Transactions News briefs from 1/22/19

  • The European Commission, the European Union’s antitrust regulator, fined Mastercard Inc. €570.6 million ($648.2 million) for restricting merchants’ ability to sign with an acquirer in another EU single-market country with interchange rates lower than rates in the merchant’s home country before December 2015, when regulations capped EU interchange. The Commission reduced the fine by 10% because of Mastercard’s cooperation. Mastercard in December said the case, which dated back to 2013, was nearing resolution and that it anticipated taking a fourth-quarter charge of approximately $650 million. “This decision relates to historic practices only, covers a limited period of time of less than two years and will not require any modification of Mastercard’s current business practices,” Mastercard said in a statement Tuesday.
  • NetCents Technology Inc. announced a five-year independent sales organization reseller agreement with SalesSource LLC. SalesSource will sell the NetCents cryptocurrency merchant gateway, e-wallet and card-related services.
  • Payments provider Net Element Inc. released the Netevia In-App Payments Software Development Kit for Internet of Things devices.
  • Payment Data Systems Inc. said it will provide payments services to DNI Corp., a direct-mail fulfillment and payments company.
  • Bill-payment company BillGO named Kimberly Hebb chief risk officer. Hebb had been a national bank examiner and director with the Office of the Comptroller of the Currency.
  • Payments provider Base Commerce LLC named David Schoenecker chief operating officer. Shoenecker previously was chief marketing officer at the company.
  • SurchX, a payments provider specializing in surcharging programs, formally launched.
  • Payments company Nuvei, formerly Pivotal Payments, said it completed certification to the Telium Tetra point-of-sale terminals from Ingenico Group in Canada.

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