Visa says EU regulator probing fees charged to retailers


FILE PHOTO: Smartphone with Visa logo is seen in front of displayed stock graph in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Payments giant Visa said on Wednesday the European Commission (EC) had opened a preliminary investigation into fees charged to retailers.

Reuters had exclusively reported earlier this month that EU antitrust regulators were investigating whether fees charged by card giants Visa and Mastercard had a negative impact on retailers.

The EC informed Visa about the investigation on Aug. 30, it said, adding that the company was cooperating with the regulator in connection with the investigation.

Last month, Mastercard also disclosed that the EC had sought documents tied to a broader investigation into alleged anti-competitive behavior in the European Union.

Visa and Mastercard have long dominated the market for payment cards and often been subject to scrutiny and allegations of a duopoly.

Additionally, Visa said that the EC informed it on Oct. 1 that a separate investigation into the company's incentive agreements with clients had been closed.

(Reporting by Arasu Kannagi Basil in Bengaluru; editing by Alan Barona)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

Fibre optic cables should be considered 'critical infrastructure' in Africa, Google says
EU fines Meta 797 million euros over abusive practices benefiting Facebook Marketplace
ASML CEO says AI boom benefits the company
Spain's La Vanguardia joins the Guardian in leaving X, citing 'toxic content'
Analysis-Crypto industry pushes for policy sea change after Trump victory
EU says Booking must comply with Digital Markets Act
Samsung Electronics says it reaches preliminary wage deal with union
Trump’s victory could ease regulatory path for Musk’s robotaxi, but hurdles remain
Siemens to cut up to 5,000 jobs in automation business after downturn
Workers stage walkout at US maker of Fallout video game

Others Also Read