Swiss Competition Watchdog Opens Investigation into Alleged Mobile Payment Collusion

   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.

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 [e-mail]; @anthony_shevlin

(END) Dow Jones Newswires

November 15, 2018 02:56 ET (07:56 GMT)

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