Turkey investigates Mastercard, Visa over alleged market restrictions

Turkey’s Competition Authority has launched an investigation into global payment giants Mastercard and Visa over alleged anti-competitive practices in the country’s financial services sector.

Announced Monday, the probe will examine whether the companies’ practices in scheme services and digital wallet services have restricted competition and harmed rival providers.

The investigation, conducted under Turkey’s Law No. 4054 on the Protection of Competition, aims to determine whether Mastercard and Visa have engaged in practices that block competitors or create unfair barriers to market entry.

“The investigation will focus on whether the dominant position of these companies in scheme services and digital wallets has been exploited to the detriment of fair competition,” said a spokesperson for Turkey’s Competition Board. “We are committed to ensuring a level playing field in the payments market.”

Authorities are investigating Mastercard and Visa’s activities in the scheme services market, which involves setting standards for card payments and facilitating connections between card issuers and payment-accepting institutions. Additionally, digital wallet services—platforms that let users store and use multiple payment cards without re-entering details—are under review.

Industry insiders have raised concerns about potential exclusionary practices. “Mastercard and Visa dominate these markets, and their policies could make it difficult for smaller competitors to gain a foothold,” said a Turkish fintech expert who asked to remain anonymous.

Both Mastercard and Visa declined to comment on the investigation, stating that they would cooperate fully with Turkish authorities.

The move is part of a broader trend of increased regulatory scrutiny of multinational companies operating in Turkey. Financial analysts believe the investigation could lead to significant changes in how Mastercard and Visa operate within the Turkish market.

“This is a signal to global corporations that Turkey is serious about fostering fair competition,” said an economist familiar with the country’s regulatory policies.

The findings of the investigation could result in fines or mandated changes to the companies’ business practices if wrongdoing is proven. The Turkish Competition Authority has yet to announce a timeline for completing the probe.