Turkey’s competition watchdog, the Competition Board, has scrutinized two global giants operating in the payment systems market, Mastercard and Visa. The board announced in a statement that it has decided to investigate the compliance of the activities of these two companies in Turkey with competition rules.
The Competition Board will examine Mastercard and Visa
The examinations conducted by the Competition Board will focus on whether Mastercard and Visa used methods that would tilt the market in their favor and make the activities of other players more difficult in card payment system intermediary services and digital wallet applications. The board will determine whether the companies created unfair competition by abusing their positions in the market.
The organizations included in the investigation include Mastercard’s European unit and its extensions in Turkey, as well as Visa’s European operations and local representatives. This development may have important consequences for other companies operating in the payment systems sector and consumers.
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Payment systems are considered the lifeblood of the economy and it is of great importance that the conditions of competition in this area are fair and transparent. It is evaluated that the investigation to be conducted by the Competition Board can contribute to increasing competition in the market and providing more options and better services to consumers.
The results of the investigation are expected to shape the future of the payment systems market in Turkey. If the Board determines that Mastercard and Visa are engaged in practices that prevent competition, it can impose serious sanctions on these companies.
