Swiss Competition Watchdog Opens Investigation into Alleged Mobile-Payment Collusion -- Update
November 15 2018 - 3:43AM
Dow Jones News
(Includes statement from UBS.)
By Anthony Shevlin
The Swiss competition watchdog Weko said Thursday that it has
opened an investigation into several Swiss financial companies,
including Credit Suisse Group AG (CSGN.EB) and UBS Group AG (UBS)
over a suspected boycott of mobile-payment solutions such as Apple
Pay and Samsung Pay.
It says the investigation should determine whether certain Swiss
financial institutions have reached an agreement to not support
mobile-payment services from foreign providers in favor of the
Swiss alternative, Twint.
The investigation concerns Aduno Holding AG, Credit Suisse,
PostFinance AG, Swisscard AECS GmbH and UBS, said Weko.
Credit Suisse said it was surprised by the investigation and
remains convinced that the allegations will prove to be
unfounded.
"We already offer to consumers in Switzerland access to Apple
Pay and Samsung Pay through our subsidiary Swisscard, of which
Credit Suisse owns 50%," said the company.
Credit Suisse added that it has been in talks with Apple (AAPL),
Samsung and Google for several months to discuss offering their
payment solutions to clients.
UBS said it doesn't comment on continuing investigations but
added it tried to reach an agreement with Apple Pay in 2016
regarding the use of UBS credit cards. Despite offering several
alternatives, no agreement could it reached, it said.
In a separate statement on Thursday, PostFinance said it is
cooperating with the competition authority to clarify the
matter.
"PostFinance is satisfied it has not violated Swiss antitrust
law and is cooperating with the competition authority to enable a
quick and comprehensive review of the matter," it said.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com;
@anthony_shevlin
(END) Dow Jones Newswires
November 15, 2018 03:28 ET (08:28 GMT)
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