Swiss probe banks possible collusion vs Apple, Samsung

Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/news/11/16/phone.jpg"/><figcaption>A Samsung Pay transaction is shown in this photo from the company&#x27;s official website. Switzerland&#x27;s antitrust watchdog said it was studying possible collusion by banks against mobile payment solutions from Samsung and Apple.</figcaption></figure></div>ZURICH -- Switzerland said Thursday it had opened a probe into whether major financial institutions including UBS and Credit Suisse boycotted mobile payment services offered by Apple and Samsung in favor of a domestic provider. The Swiss competition commission (COMCO) said it was investigating whether 5 firms colluded to boost national mobile payment system TWINT above international competitors. &quot;There is suspicion that these institutions worked in concert to block their credit cards from working with Apple Pay and Samsung Pay in order to benefit... TWINT,&quot; COMCO said in a statement. Credit Suisse rejected the allegations. &quot;We are surprised about this investigation and are convinced that the allegations will prove to be unfounded,&quot; the company said in a statement. &quot;We already offer to consumers in Switzerland access to Apple Pay and Samsung Pay through our subsidiary Swisscard,&quot; it said.It also stressed that the bank has &quot;been in talks with companies such as Apple, Samsung or Google for several months to discuss how their mobile payment solutions could be offered to our clients.&quot;UBS, Switzerland&#x27;s top bank, said it does &quot;not comment on ongoing investigations, but would like to point out that in 2016 we tried to reach an agreement with Apple Pay regarding the use of UBS credit cards.&quot; &quot;Although we have offered several alternatives, unfortunately no agreement could be reached,&quot; it added. PostFinance, another bank named in the probe, also denied wrongdoing and said it was cooperating with the authorities in hopes of &quot;clarifying the facts&quot;.TWINT, which is not a target of the probe, said it was &quot;astonished&quot; that its premises had been searched by investigators. &quot;TWINT itself asked the COMCO some time ago to investigate discriminatory behaviour by Apple towards TWINT, because Apple prevents the trouble-free use of the TWINT app on IOS devices,&quot; it added. In addition to UBS, Credit Suisse and PostFinance, the two other companies cited are Swisscard AECS, a subsidiary of American Express and Aduno Holding, a Zurich-based firm specialising in cashless payments. <div> © Agence France-Presse</div>

The Swiss competition commission (COMCO) said it was investigating whether 5 firms colluded to boost national mobile payment system TWINT above Apple and Samsung.

The Swiss competition commission (COMCO) said it was investigating whether 5 firms colluded to boost national mobile payment system TWINT above Apple and Samsung.

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Swiss probe banks possible collusion vs Apple, Samsung

Swiss probe banks possible collusion vs Apple, Samsung

Agence France-Presse

Published Nov 16, 2018 08:31 AM PHT

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Switzerland

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