Türkiye launches investigation into Mastercard, Visa over anti-competitive behavior
Date
11/24/2024 3:19:30 AM
(MENAFN) On Monday, the Turkish Competition Board announced that it has launched an investigation into global payment giants Mastercard and Visa over allegations of anti-competitive behavior in Türkiye. The inquiry, initiated under Law No. 4054 on the Protection of Competition, seeks to determine whether the companies’ activities in scheme services and digital wallet services have restricted competition in the market and harmed other service providers.
The focus of the investigation is primarily on the companies' role in the scheme services market, which involves the development of standards and rules for card payments and the facilitation of connections between card issuers and payment-accepting institutions. Authorities are examining whether Mastercard and Visa’s practices in this area have stifled competition by limiting the ability of rivals to offer alternative services or by creating unfair advantages for themselves.
Additionally, the inquiry will extend to the companies' involvement in the digital wallet services market, which allows consumers to store and register payment card information from various providers. These wallets enable users to complete transactions efficiently, without the need to repeatedly input card details.
There have been rising concerns that Mastercard and Visa might be engaging in practices that either exclude competitors from the market or create significant barriers to entry. If found to be in violation of competition laws, the companies could face penalties or be required to alter their business practices to ensure a more level playing field for all market participants.
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