Mastercard to Share $44 Million Fine Over U.K. Welfare Funds (1)

Mastercard Inc., allpay and PFS provisionally agreed to pay fines totaling more than 32 million pounds ($44 million) for their alleged role in a “cartel” exploiting pre-paid cards used to distribute welfare funds to the homeless and victims of domestic abuse.

The trio engaged in anti-competitive behavior by agreeing not to compete or poach each others’ clients, the U.K.’s Payment Systems Regulator said in a statement on its preliminary findings on Wednesday. Two other firms also accused of wrongdoing, APS and Sulion, haven’t reached a settlement.

“Collusion in payments is absolutely unacceptable,” Chris Hemsley, managing director of the ...