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German Regulatory Watchdog Launch Probe Against PayPal Over Antitrust Concerns

Anusuya Lahiri
·2 min read

  • Germany's cartel office regulator initiated proceedings against payment company PayPal Holdings, Inc (NASDAQ: PYPL) Europe over potential anticompetitive concerns.

  • PayPal's rules for its surcharge and its presentation for use in Germany dominated the proceedings.

  • Germany investigated particular rules prohibiting merchants from offering their goods and services at a lower price to customers choosing a cheaper payment method than PayPal.

  • PayPal allegedly prevented sellers from opting for other payment methods or making their use more convenient for customers.

  • Andreas Mundt, President of the Bundeskartellamt: "These clauses might restrict competition and violate the prohibition of abuse of a dominant position. We will now assess the extent of PayPal's market power and in how far online sellers depend on offering PayPal as a payment method."

  • The fees incurred by sellers depended on the payment scheme. Sellers usually include these fees in the product prices so that, ultimately, consumers bear the costs.

  • Studies found that PayPal is the leading online payment scheme in Germany and one of the most expensive online payment services.

  • The watchdog previously initiated proceedings against Amazon.Com Inc (NASDAQ: AMZN) and Meta Platforms Inc (NASDAQ: META) Facebook.

  • In 2021, the U.S. Justice Department monitored Visa Inc's (NYSE: V) financial incentives doled out to Block, Inc (NYSE: SQ), Stripe Inc, and PayPal as part of its antitrust investigation.

  • The investigators probed whether Visa's deals prevented the payments firms from using other card networks or money-movement technologies.

  • Price Action: PYPL shares traded lower by 0.96% at $78.33 in the premarket on the last check Monday.

  • Photo Via Company

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This article originally appeared on Benzinga.com

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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