PayPal, Mastercard, Visa face UK competition probe over digital wallet deals
The watchdog said digital wallet usage in Britain rose to 29% of card transactions last year as it reviews competition concerns.
- On Wednesday, the Financial Conduct Authority launched an investigation into PayPal, Visa, and Mastercard over concerns that digital wallet arrangements may restrict competition.
- Surging usage, which jumped from 8% to 29% of card transactions in 2023, prompted the FCA and the Payment Systems Regulator to demand increased market innovation.
- All three companies are currently cooperating with the regulator, with Mastercard confirming it received an information notice regarding its contractual relationship with PayPal.
- A Visa representative confirmed the inquiry, stating it was informed of an investigation into "contractual provisions regarding the PayPal digital wallet" and was cooperating fully.
- The FCA has drawn no conclusions yet, following previous work by the Competition and Markets Authority scrutinizing Apple and Google's mobile ecosystems.
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18 Articles
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PayPal, Mastercard, Visa face UK competition probe over digital wallet deals
PayPal , Mastercard and Visa are being investigated for alleged anti-competitive conduct linked to the funding and usage of PayPal's digital wallet, in a rare move by the Financial Conduct Authority.
UK Financial Regulator Probes PayPal, Mastercard, Visa
Financial Conduct Authority opens rare competition review into PayPal digital wallet and its contracts with Visa, Mastercard This article has been indexed from Silicon UK Read the original article: UK Financial Regulator Probes PayPal, Mastercard, Visa The post UK Financial Regulator Probes PayPal, Mastercard, Visa appeared first on IT Security News.
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