Norwegian payments firm Neonomics has filed a formal complaint with the Norwegian Competition Authority, citing anti-competitive practices in the Norwegian payments market.
The company is advocating for innovation and fair competition, challenging the actions of Norwegian banks and associated financial services providers.
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The complaint highlights a series of practices that allegedly defy the principles of the Payment Services Directive (EU 2015/2366, “PSD2”) and breach the Norwegian Competition Act (§§ 10 and 11).
It alleges that Norwegian banks have coordinated to restrict access to direct debit payments, which has excluded new entrants and solidified the monopoly of the AvtaleGiro product, offered by Mastercard Merchant Services.
Neonomics claims that banks have imposed unreasonable prices and terms for essential services, such as client accounts and strong customer authentication (SCA), creating barriers for third-party providers.
This has hindered their ability to compete with bank-led solutions and has unfairly favoured established providers like Vipps, Visa, and Mastercard.
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By GlobalDataThrough entities like Bits AS, the banks are said to have engaged in coordinated actions to maintain their dominant market position, limit competition, and prevent third-party providers from accessing critical payment infrastructure.
These actions, according to Neonomics, restrict consumer choice and innovation, while increasing costs for merchants who lack alternative payment solutions.
In calling for a thorough investigation by the Norwegian Competition Authority, Neonomics seeks to ensure a level playing field in the payments sector.
Neonomics CEO and founder Christoffer Andvig stated: “The actions of the Norwegian banks not only undermine the core principles of PSD2 but also stifle competition, innovation, and choice in the payment services market. This behaviour harms consumers and businesses alike, while protecting entrenched interests. We urge the competition authorities to act decisively to restore fair competition and ensure compliance with both EU and Norwegian regulations.”
