Turkey’s competition watchdog Competition Boardtwo global giants operating in the payment systems market MasterCard And Visa put it under scrutiny. In its statement, the Board announced that it decided to investigate the compliance of the activities of these two companies with competition rules in Turkey.
Competition Board will examine Mastercard and Visa
The investigations carried out by the Competition Board will focus on whether Mastercard and Visa use methods that will turn the market in their favor and complicate the activities of other players in intermediary services in card payment systems and digital wallet applications. As part of the investigation, the Board will determine whether companies create unfair competition by abusing their positions in the market.
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 and consumers operating in the field of payment systems.
Payment systems are considered the lifeblood of the economy and it is of great importance that the competitive conditions in this field are fair and transparent. It is evaluated that the investigation carried out by the Competition Board may contribute to providing more options and better service to consumers by increasing competition in the market.
The outcome of the investigation is expected to shape the future of the payment systems market in Turkey. If the Board finds that Mastercard and Visa engage in anti-competitive practices, it may impose serious sanctions on these companies.
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