Mehdi Momeni, the CEO of Azkivam, announced in a tweet on the X social network (Twitter) that the company has filed a complaint against SnappPay’s monopolistic actions with the Competition Council. This complaint has been raised in order to deal with anti-competitive behavior and defend healthy competition in the Lendtech industry.
According to Iran digital economy annotation, according to Momeni, SnappPay’s actions have led to disruption of the market balance and weakening of the competitive structure. He stated that restricting the entry of competitors and reducing equal opportunities in this industry leads to the violation of consumers’ rights, and the power to determine the price and quality of services is removed from the hands of consumers and placed under the control of the monopolist.
He further emphasized that monopoly not only reduces diversity and innovation, but also leaves negative effects on competitive justice and economic dynamism. The CEO of Azkivam believes that dealing with monopoly and creating a competitive environment is necessary for the sustainable development of the Lendtech industry and improving services to stakeholders, including consumers and financial service providers.
SnappPay has not yet responded to Azkivam’s complaint.
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