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Swiss competition agency opens probe of Mastercard

·1-min read
FILE PHOTO: Illustration photo of a Mastercard logo on a credit card

ZURICH (Reuters) - The Swiss Competition Commission (COMCO) has opened an investigation of Mastercard Inc into possible obstruction of SIX's National Cash Scheme (NCS), a set of rules for withdrawals and other transactions at banks' cash machines, the watchdog said on Tuesday.

"The obstruction occurs because Mastercard refuses to co-badge the NCS on the new debit Mastercard," the watchdog said in a statement, referring to the practice of adding a second payment application or brand onto a debit card.

"COMCO is now investigating whether Mastercard has abused its position as a dominant company. Precautionary measures were taken for the duration of the investigation," it said.

(Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi)