The Competition Commission has slapped a fine of about ?4.5 crore on Verifone India Sales, the Indian arm of US-based electronic payments firm VeriFone Systems Inc, for indulging in unfair business practices.
The ruling, which comes after a detailed probe by the fair trade regulator upon complaints by Atos Worldline India Private Ltd and Three D Integrated Solutions, also directs Verifone “to cease and desist” from anti-competitive acts.
The regulator after examination found out Verifone India Sales indulging in unfair business practices relating to point-of-sale technologies. Verifone provides electronic payment technologies such as POS machines that are used to swipe credit and debit cards at shops and restaurants.
Full Content: The Financial Express
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