Turkey’s Competition Authority has launched an investigation into Mastercard and Visa, two of the largest global payment service providers, over potential anti-competitive behavior. The investigation, initiated under Turkish competition law, is focused on the companies’ activities in the scheme services and digital wallet sectors. These areas are critical to the payments ecosystem, as scheme services set standards for card transactions, while digital wallets allow users to link multiple payment cards for convenience.
The Turkish authorities suspect that the practices of Mastercard and Visa may have created obstacles for rival companies, possibly limiting competition and stifling market entry. By scrutinizing the companies’ actions, the Competition Board aims to determine whether these practices have harmed smaller competitors and restricted consumer choice. If found guilty, Mastercard and Visa could face significant penalties under Turkish competition law.
This investigation is part of Turkey’s broader efforts to ensure a fair and competitive market, especially as digital payment systems have become an essential part of the global economy. The results of the inquiry could have far-reaching implications, not only for the two payment giants but also for the wider financial services sector in Turkey and beyond. The outcome will likely impact how other companies in the digital wallet and payment processing sectors operate, ensuring that competition remains robust and consumers continue to benefit from diverse, innovative services.
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