Swiss regulators are investigating whether banks colluded to block rivals like Samsung Pay and Apple Pay from the domestic market. Offices of both UBS and Credit Suisse were searched by authorities.

The Swiss anti-trust regulator is investigating whether Swiss banks and finance firms colluded to keep foreign rivals out of the mobile payment market, the watchdog said in a statement (in German) on Thursday.

The offices of UBS, Credit Suisse as well as its card subsidiary Swisscard, Postfinance and payments provider Aduno were searched, the Bern-based regulator said. The investigation centers on whether the institutes cooperated to block cheaper payment providers like Apple Pay and Samsung Pay from the Swiss market in order to protect their own mobile payment app, Twint.

CS and Swisscard Solutions

The banks hit back: Credit Suisse said that its Swisscard subsidiary (the bank owns half, American Express owns the remainder) offers banks in Switzerland access to Apple Pay and Samsung Pay. The banks said it has been in talks companies including Apple, Samsung and Google over mobile payment solutions.

UBS didn't comment on the investigation itself, but said it attempted to reach an agreement with Apple Pay two years ago to link up the payments with the Swiss bank's credit cards. «It wasn't possible to reach an agreement on a cooperation, despite the fact that we provided several alternatives.»

Protecting Twint?

Swisscard said that its American Express Charge cards, Swiss Miles&More credit cards, and Mastercard credit cards already enable payment with Apple Pay and Samsung Pay. The company said its both mobile payment methods are enabled on its recently-launched cash-back credit card.

Of the banks, UBS has been particularly vocal about promoting their own mobile payment app, Twint, which only works in Switzerland. «UBS currently doesn't see the need to provide Apple Pay in Switzerland,» the Swiss bank's head of multichannel management and digitization told finews.com in 2016.

Twint Offices Searched

Postfinance said it will cooperate with the watchdog, but that it is convinced it hasn't violated anti-trust law. Twint said its offices had also been searched, though it isn't a subject of the investigation. 

The Swiss payments app said it actually asked the anti-trust regulator some time ago to investigate what it views as discriminatory behavior by Apple. «Apple prevents the trouble-free use of the Twint app on IOS devices,» Twint said. A decision from Bern is expected shortly.