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PayPal falls amid German cartel probe, big bank digital wallet plan report
By Scott Kanowsky
Investing.com -- Shares in PayPal Holdings Inc (NASDAQ:PYPL) dipped in early U.S. trading on Monday after the German cartel office regulator announced that it is investigating the payment company's European division over potentially uncompetitive practices and the Wall Street Journal reported that several big banks are working together to open their own digital wallet.
In a statement, the German Cartel Office said the probe focuses on PayPal's use of extra charges and how its terms of use are presented in Germany.
PayPal did not immediately comment to either Bloomberg or Reuters on the announcement.
According to the Cartel Office, it is looking in particular into terms stating that merchants may not offer their goods and services at lower prices should customers choose a cheaper payment method than PayPal. Sellers may also not express a preference for payment methods other than PayPal, the regulator added.
“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," said German Cartel Office president Andreas Mundt.
The investigation is the latest by the Cartel Office into large tech groups since a law came into effect in Germany in 2021 granting it more power to investigate these firms. The office has already launched proceedings against Facebook-owner Meta Platforms Inc (NASDAQ:META) and Amazon.com Inc (NASDAQ:AMZN).
Separately, JP Morgan Chase (NYSE:JPM), Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC), along with four other lenders, are teaming up to create a digital wallet that customers can use to shop online, according to the WSJ. The wallet is designed to compete with firms operating similar products, including PayPal, the paper said, citing people familiar with the matter.
The banks' new wallet is due to be launched in the second half of 2023, the WSJ reported.
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