Fines have also been imposed on allpay, Advanced Payment Solutions, Prepaid Financial Services and Sulion.
The fine imposed on Mastercard alone is £ 31.56 million.
The decision closes the regulator’s investigation, which was launched in October 2017 following a complaint lodged by allpay.
This inquiry focused on prepaid cards used by municipalities to pay social benefits to vulnerable members of society.31
The regulator points out that all parties involved have acknowledged the violation of the law.