Five payments firms broke competition law on pre-paid cards, UK watchdog says

© Reuters. FILE PHOTO: Illustration photo of a Mastercard logo on a credit card

LONDON (Reuters) – Britain’s Payment Systems Regulator has found five companies broke the law for anti-competitive behaviour related to pre-paid cards for vulnerable members of society, the watchdog said on Wednesday.

The PSR said Mastercard (NYSE:), allpay, APS, PFS and Sulion agreed not to compete or poach each other’s customers on cards used by local authorities for welfare payments to the homeless, victims of domestic violence and asylum seekers.

Mastercard, allpay and PFS have admitted liability and agreed to pay maximum fines totalling over 32 million pounds ($43.90 million), the watchdog said.

The investigation is ongoing and the companies can make representations on the provisional findings, the PSR said.

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