Friday America’s Federal Trade Commission issued an announcement on what it called “illegal business tactics that Mastercard has been using to force merchants to route debit card payments through its payment network,” saying the FTC is now requiring Mastercard “to stop blocking the use of competing debit payment networks.”

The popularity of debit cards has been growing especially quickly for purchases consumers make using their personal devices equipped with ewallet applications such as Apple Pay, Google Pay, and Samsung Wallet. Payment card networks play a critical role in those debit card transactions….

Payment card networks compete for the business of banks that issue cards and for the business of merchants that accept card payments. Mastercard, along with Visa, is one of the two leading payment card networks in the United States. The processing fees charged by networks total billions of dollars every year, affecting every purchase made with a debit card,

Link to original post from Teknoids News

Read the original story