PayPal, Mastercard and Visa face UK competition probe
The UK’s Financial Conduct Authority is investigating PayPal, Mastercard and Visa for alleged anti-competitive behaviour connected to the funding and usage of PayPal’s digital wallet.
In a brief statement, the FCA says it is investigating the three US payments giants under Chapter I in the Competition Act 1998, which prohibits „agreements, concerted practices and decisions” that may distort competition.
„Following the publication of financial reportingLink is external by PayPal Holdings Inc, we can confirm we are investigating Mastercard, PayPal and Visa under Chapter I in the Competition Act 1998, and Mastercard and Visa under Chapter II in the Competition Act 1998, for suspected anti-competitive conduct linked to the funding and usage of PayPal’s digital wallet.” – the authority says
The FCA has reached no conclusions nor made any findings with regard to competition law having been broken.
Dariusz Mazurkiewicz – CEO at BLIK Polish Payment Standard
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