Britain’s payments regulator on Tuesday fined five payments companies including Mastercard a total of 33 million pounds ($45.01 million) for cartel behaviour involving prepaid cards issued to vulnerable people on welfare benefits.
Mastercard received the largest fine of 31.56 million pounds ($43.04 million). The other companies fined were allpay, Advanced Payment Solution, Prepaid Financial Services and Sulion.
The Payment Systems Regulator (PSR) said the firms broke competition law by agreeing not to compete or poach each other’s customers on pre-paid cards offered by local authorities to distribute welfare payments to vulnerable people.
