UK court sets scene for $14 bln-plus class action against Mastercard

20 august 2021

UK Supreme Court overruled objections to case in December. Claimants allege Mastercard overcharged 46 million people.

A London court on Wednesday approved a 10 billion pound-plus ($14 billion-plus) class action against global payments processor Mastercard that claimants said could entitle 46 million British adults to roughly 300 pounds each if it is successful, according to Reuters.


The Competition Appeal Tribunal (CAT) had been expected to certify Britain’s first mass consumer class action, brought by former financial ombudsman Walter Merricks, after the UK Supreme Court overruled objections to it in December

The decision to finally authorise the five-year case as a collective action establishes a standard for a string of other proposed class actions that have been stalled in its wake.

„The tribunal’s ruling heralds the start of an era of consumer-focused class actions which will help to hold big business to account in areas that really matter,” Merricks said in a statement.

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Walter Merricks alleges Mastercard charged excessive „interchange” fees – the fees retailers pay credit card companies when consumers use a card to shop – between May 1992 and June 2008 and that those fees were passed on to consumers as retailers raised prices.

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Mihai Draghici – CEO PayByFace

„Dupa ce oamenii creeaza un cont PayByFace si au adaugat cardul, selfi-ul si PIN-ul, si au avut un pic de curaj sa se duca sa incerce, daca au incercat o data plata prin recunoastere faciala nu mai folosesc altceva (n.r. ca modalitate de plata). 80% dintre ei numai asta folosesc. Le place la nebunie.” 

Afla aici rezultatele in adoptia platii prin recunoastere faciala.

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In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?