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Mastercard, PayPal, Visa Face Investigation Under Competition Act by UK's Financial Conduct Authority

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-- Mastercard (MA), PayPal (PYPL), and Visa (V) are facing an investigation by UK's Financial Conduct Authority under the Competition Act 1998 for suspected anti-competitive conduct liked to funding and usage of PayPal's digital wallet, the government body said Wednesday.

The Financial Conduct Authority added that it has reached no conclusions nor made any findings with regard to competition law having been broken.

A Mastercard spokesperson toldthat the company has received an information notice from the FCA requesting details about to its contractual relationship with PayPal and will be will be cooperating fully and transparently with the FCA.

A Visa spokesperson also said in an emailed response tothat the FCA has informed the company that it has opened an inquiry into certain contractual provisions regarding the PayPal digital wallet.

PayPal did not immediately respond to' request for comment.

Price: $497.14, Change: $+0.06, Percent Change: +0.01%

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