Ankara: The Turkish Competition Board announced on Monday the launch of an investigation into global payment giants Mastercard and Visa over allegations of anti-competitive practices in Trkiye.

According to Anadolu Agency, the investigation has been initiated under Law No. 4054 on the Protection of Competition. The goal is to determine whether Mastercard and Visa’s practices, specifically in scheme services and digital wallet services, have restricted market competition and harmed rival service providers.

Authorities are closely examining the companies’ activities in the scheme services market. This area involves setting standards and rules for card payments and facilitating connections between card issuers and institutions that accept payments.

The investigation will also focus on digital wallet services. These services allow consumers to register payment cards from various providers, enabling users to make transactions without the need to repeatedly enter their card details, thereby offering convenience
and efficiency.

Concerns have been raised that Mastercard and Visa may have implemented practices that exclude competitors or create barriers to entry in these markets.