18 Jan 2022
MasterCard among Companies Fined in the U.K. for Prepaid Cards Ring
The Index Today
The U.K.’s payment regulator issued fines totaling $45.01 million to MasterCard and other firms for allegedly taking advantage of unsuspecting clients by giving them prepaid cards promising welfare benefits.
The other companies that were fined include Advanced Payment Solution, Sulion, allpay, and Prepaid Financial Services. However, MasterCard received the highest monetary penalty amounting to $43.04 million.
According to the Payments Systems Regulator (PSR), the prepaid cards ring has exploited vulnerable people, including the sick, the homeless, and abuse survivors, who could have otherwise benefited from similar but more reasonably priced products and services.
The Managing Director of the PSR, Chris Hemsley, said, "This investigation and the significant fines we have imposed send a clear message that the PSR has zero tolerance for cartel behavior."