PayPal, Mastercard, Visa face UK competition probe over digital wallet deals
The watchdog said digital wallet usage in Britain rose to 29% of card transactions last year as it reviews competition concerns.
- On Wednesday, the Financial Conduct Authority launched an investigation into PayPal, Visa, and Mastercard over concerns that digital wallet arrangements may restrict competition.
- Surging usage, which jumped from 8% to 29% of card transactions in 2023, prompted the FCA and the Payment Systems Regulator to demand increased market innovation.
- All three companies are currently cooperating with the regulator, with Mastercard confirming it received an information notice regarding its contractual relationship with PayPal.
- A Visa representative confirmed the inquiry, stating it was informed of an investigation into "contractual provisions regarding the PayPal digital wallet" and was cooperating fully.
- The FCA has drawn no conclusions yet, following previous work by the Competition and Markets Authority scrutinizing Apple and Google's mobile ecosystems.
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24 Articles
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Britain’s financial regulator has launched a formal investigation into Mastercard, Visa, and PayPal, signaling that even the world’s largest payment networks cannot escape intensifying scrutiny over anti-competitive practices in digital wallets. Quick Take The UK Financial Conduct Authority announced a probe into suspected anti-competitive conduct involving PayPal’s digital wallet and card network agreements. Visa and...
Mastercard, Visa and PayPal Hit With UK Competition Probe
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City watchdog probes Mastercard, Visa, Paypal for alleged anti-competitive conduct
The City watchdog has confirmed it is investigating a trio of payments giants over alleged anti-competitive conduct. The Financial Conduct Authority (FCA) will probe Mastercard, Paypal and Visa under the Competition Act 1998 regarding its suspected conduct related to the “funding and usage” ...
PayPal, Mastercard, Visa face UK competition probe over digital wallet deals
PayPal , Mastercard and Visa are being investigated for alleged anti-competitive conduct linked to the funding and usage of PayPal's digital wallet, in a rare move by the Financial Conduct Authority.
Payments News Update – May 8, 2026
Legal and Regulatory Developments SPOTLIGHT: Gas Stations Bound to Visa Swipe Fee Deal, 2nd Circ. Says Law360 – May 4, 2026 (subscription required) A Second Circuit panel refused Monday to let a group of gas stations separately sue Visa and Mastercard over their swipe fees, holding the would-be plaintiffs cannot get out of a $5.6 billion antitrust settlement the credit card giants inked with merchants. The 2019 deal is one of two Mastercard and …
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