EU has fined global credit card giant Mastercard $647 million for hindering competition with banks An official said Mastercard has prevented merchants from shopping around for better conditions offered by banks in other member states BRUSSELS: The European Union has fined global credit card giant Mastercard $647 million for hindering competition with banks offering cheaper payment fees. “By preventing merchants from shopping around for better conditions offered by banks in other member states, Mastercard’s rules artificially raised the costs of card payments, harming consumers and retailers,” competition commissioner Margrethe Vestager said.