Five prepaid credit card companies have been fined by the UK's payments watchdog for breaking competition rules.
Mastercard, allpay, Advanced Payment Solutions (APS), Prepaid Financial Services (PFS) and Sulion have been pulled up by The Payment Systems Regulator (PSR) after an investigation found they all breached competition laws by agreeing not to compete or poach each other’s customers in the prepaid cards market.
Between 2012 and 2018, Mastercard, along with Allpay, PFS, Sulion and APS, ran schemes to distribute welfare payments for local authorities.
