The UK’s finance watchdog said it had begun an investigation into Mastercard Inc., Visa Inc. and PayPal Holdings Inc. over suspected anti-competitive conduct linked to the funding and usage of PayPal’s digital wallet.
The Financial Conduct Authority said Wednesday that it hasn’t reached any conclusions over whether competition law had been broken. PayPal disclosed the investigation in a regulatory filing this week.
Representatives at PayPal, Mastercard and Visa said the firms were cooperating with the FCA’s investigation. The FCA has powers to conduct competition investigations in financial services.
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