The ACCC investigated allegations that Mastercard engaged in anti-competitive conduct by offering certain large merchants cheaper interchange rates (known as 'strategic merchant rates'), for processing credit card payments if they agreed to process Mastercard-eftpos debit card payments through the Mastercard network. ANZ was up 0.4 per cent to 25.77 despite being sued by the corporate watchdog ASIC for allegedly misleading its customers about how much they have got left to spend on their credit card accounts. "We are concerned that Mastercard's alleged conduct meant that businesses did not receive the full benefit of the increased competition that was intended to flow from the least cost routing initiative," said Cass-Gottlieb. This meant that these businesses would not process significant debit card volumes through the eftpos network even though eftpos was often the lowest cost provider. Australia The coolest (and largest) technology business publication in Australia. The agreements gave these businesses discounted rates for Mastercard credit card transactions, provided they committed to processing all or most of their Mastercard-eftpos debit card transactions through Mastercard rather than the eftpos network, said the consumer watchdog. Tweets and Medias zdnetaustralia Twitter ( zdnetaustralia ) Australia.
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