UK fines Mastercard and others for cartel behaviour in pre-paid cards

The UK’s Payment Systems Regulator (PSR) has fined Mastercard and four other companies for “cartel behaviour” in the pre-paid credit card market by agreeing not to poach each others’ customers on cards offered by local authorities. 

The cards are used to distribute welfare payments are used by people without a home, victims of domestic abuse, asylum seekers, and other vulnerable individuals. 

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