Mastercard and four other companies have been fined more than ￡33m for operating a cartel in the market for prepaid cards for vulnerable people.
The Payment Systems Regulator (PSR) said on Tuesday that the companies had broken competition law by agreeing not to poach customers for the cards, which are used to distribute welfare payments to vulnerable people such as the homeless and victims of domestic violence.
Mastercard has been fined ￡31.5m with the rest split between PFS, allpay, APS and Sulion following the investigation, which related to cartels operating between 2012 and 2018.
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