Mastercard faces competition probe in Switzerland
COMCO is investigating whether Mastercard has abused its position as a dominant company
Stocks impacted: Mastercard Inc (MA)
Payments giant is to be investigated by Swiss Competition Commission amid possible obstruction of SIX's National Cash Scheme. SIX’s National Cash Scheme is a new set of rules for cash withdrawals, balance enquiries and other transactions made using the country’s ATM network. According to the regulator, Mastercard refuses to co-badge the NCS on the new debit Mastercard, so COMCO is now investigating whether Mastercard has abused its position as a dominant company. As a reminder, the payment company revealed its fourth-quarter results late last month. Its net revenue was down 7% in the quarter to $4.1 billion. The drop was due to a sharp decrease in cross-border volume, which was down nearly 30% from the previous year's quarter. Last week, Mastercard said it will begin allowing clients to make payments in certain cryptocurrencies on its network this year. The news about a probe in Switzerland could send the firm’s stocks lower today.
Make profit on it right now!