The European Union has fined global credit card giant Mastercard 570 million euros ($647 million) for hindering competition with banks offering cheaper payment fees.

A Mastercard sign floats in a lake as Henrik Stenson, of Sweden, hits from the 18th fairway during the third round of the Arnold Palmer Invitational golf tournament Saturday, March 17, 2018, in Orlando, Fla. (Photo: AP)

"By preventing merchants from shopping around for better conditions offered by banks in other member states, Mastercard's rules artificially raised the costs of card payments, harming consumers and retailers," competition commissioner Margrethe Vestager said.