The Competition Commission of India (CCI) has slapped a Rs 4.5-crore fine on VeriFone India for unfairly taking advantage of its dominant position in the POS machines market. Based on the findings of an investigation conducted by the director general, the commission found “that the conduct of the Opposite Party No. 1 (VeriFone India Sales) is abusive”.
VeriFone India Sales is a subsidiary of VeriFone System — a US-based electronic payments company which manufactures point-of-sales machines that are used to swipe credit and debit cards at shops and restaurants.
