FTC orders Mastercard to open debit transactions to competing payment networks

The Federal Trade Commission has ordered Mastercard to start providing competing payment networks with the information they need to process debit card payments. In a proposed enforcement action announced on Friday , the FTC said Mastercard had allegedly violated a provision of the Dodd-Frank act known as the Durbin Amendment by prohibiting merchants from routing transactions over alternative networks. The action targets "tokenization," the technology that underpins mobile payment applications li...