Visa Under Investigation by European Commission

(Reuters) – Payments giant Visa (NYSE:V) announced on Wednesday that the European Commission (EC) has opened a preliminary investigation into fees charged to retailers.

Earlier this month, Reuters reported that EU antitrust regulators were examining whether fees imposed by card giants Visa and Mastercard (NYSE:MA) negatively impacted retailers.

The EC notified Visa about the investigation on August 30, stating that the company would cooperate with the regulator during this inquiry.

In a related matter, last month Mastercard disclosed that the EC had requested documents linked to a broader investigation into alleged anti-competitive practices within the European Union.

Visa and Mastercard have historically dominated the payment card market and have faced scrutiny and allegations of operating a duopoly.

Moreover, Visa mentioned that the EC informed them on October 1 that a separate investigation into the company’s incentive agreements with clients had been concluded.