Mastercard mulls legal action against amendment limiting commissions

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Financial services company Mastercard is considering legal action aimed at overturning an amendment to Hungary’s financial law specifying a maximum amount on the commissions of financial companies, Mastercard announced on Tuesday.

Hungary’s parliament adopted the amendment on Monday evening by a vote of 188 ayes to 143 nays with one abstention. The amendment limited the transaction fees in the case of payment by bank card to 2pc of transaction value, and limited the interchange fee to 0.3pc of value paid but no more than HUF 100 in the case of payment with a debit card.

Mastercard said parliament passed the amendment without prior public consultation and with an an impact study.

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JD says:

December 16, 2009 at 11:29 am

I believe that based on Mastercard’s earlier market research, everyone in Hungary would like and is eligable for their wonderful credit card.

They then realised that their entire marketing plan was based on a typo and in-fact should have read “Avery Wong in Hungary would like and is eligable for their wonderful credit card”.

They phoned Mr Wong and he said he was only joking.

Come on Mastercard, with the hoops people have to jump through to even get a debit/credit card here, I would imagine there are better ways to spend the commission money you earn off us.