Switzerland Opens Antitrust Probe Into MasterCard For Thwarting National ATM Scheme


Switzerland Opens Antitrust Probe Into MasterCard for Thwarting National ATM Scheme

ZURICH (UrduPoint News / Sputnik - 16th February, 2021) The Swiss antitrust watchdog WEKO said on Tuesday that a probe was underway into MasterCard after a local competitor accused it of thwarting the rollout of a nationwide ATM scheme.

The Alpine nation's financial services operator SIX said MasterCard had refused to link its debit cards to the National Cash Scheme (NCS), which will allow any card to be used at any ATM in the country.

"WEKO is now investigating whether MasterCard has abused its dominant position in the market. It took precautionary measures pending the end of the investigation," a press release read.

The NCS will allow holders of bankcards issued by Swiss banks to deposit and withdraw cash and check the balance through any ATM.

WEKO said that as part of interim measures it had ordered banks to prepare to add MasterCard cards to the NCS. This decision can be appealed in the Federal administrative court, it added.

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