According to an interview by CNBC, PayPal has dismissed concerns that its US$2.2 billion takeover of European technology start-up iZettle could lead to higher prices for payment services and reduce competition.
The US-based fintech giant secured the largest acquisition in its history when it closed the deal for Swedish payments firm iZettle in September. However, Britain’s antitrust watchdog has since stated PayPal “could face insufficient competition in the UK after acquiring its market-leading rival.”
Speaking to CNBC’s Elizabeth Schulze at the Slush technology conference in Helsinki, Finland, on Tuesday, December 4, PayPal’s Chief Operating Officer Bill Ready said, “We absolutely believe that we will demonstrate that we are bringing more choice (and that) we are pro-competition.”
“We are really looking to expand the market in ways that are great for small business and great for consumers alike,” Ready said.
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