London: Visa announced on Wednesday that the European Commission (EC) has launched a preliminary investigation into the fees the payments giant charges to retailers. This follows an exclusive report by the international news Agency Reuters earlier this month revealing that EU antitrust regulators are examining whether the fees imposed by Visa and Mastercard harm retailers.
The European Commission notified Visa of the investigation on August 30, and the company confirmed it is fully cooperating with the regulator. In a separate matter, Mastercard disclosed last month that the EC had requested documents as part of a broader probe into alleged anti-competitive practices within the European Union.
Also Read | In Rare Show of Unity, Trump and Biden Discuss Key Global Issues at White House
Visa and Mastercard have long held a dominant position in the payment card market, and both companies have faced ongoing scrutiny over their market behavior, often being accused of operating a duopoly. Additionally, Visa informed that the EC notified it on October 1 of the closure of another investigation, this one related to the company’s incentive agreements with clients.
Also Read | Over 800 Million Adults Have Diabetes Globally, Majority Untreated, Study Finds
