Law: Competition Act, 2010

Section: 2

(a) Competition Act (XIX of 2010)--S. 2(1)(K)--- Relevant market, determination of---Association of Banks---First step in order to determine the relevant product market was to identify the relevant products/services that were interchangeable or substitutable with the products/services at issue---Product/services which were at issue, in the present case, were services available electronic banking mode, which were; cash withdrawal service (ATM); Utility Bills Payment Services (UBPS); Inter-Bank Fund Transfer (IBFT) and online inter-bank payment between the customers of two different banks---Automated Teller Machine (ATM), was a computerized telecommunication device that would allow the customer/client of a bank in Pakistan to conduct financial transaction, such as cash withdrawal, non-financial transactions and other services (UBPS or IBFT) at any time in a public space, without the need of a cashier, human clerk or bank teller---All that a customer/client had to do was to insert a Plastic ATM---Cash withdrawal transaction done through an ATM, could not be said to be substitutive with cash withdrawal transaction at bank teller---Second sub-set of relevant product market was that of "UBPS", which was an electronic bills presentment and payment system that enables banks to deploy bill presentment and payment service through their electronic delivery channels including 'ATM'---UBPS eliminates the inconvenience encountered during the bill payment procedure by submitting bills in traditional banking hours, or standing in long queues---Third sub-set of relevant product market was the 'IBFT' service, which service enables card holders of a bank to transfer funds instantaneously from their account to pay any of the millions of accounts of other banks network across the country through delivery channels made available by the switch and eliminates the hassle of writing cheques, making demands drafts etc.; and also reduces the cost of transaction significally---'IBFT' service is available round the clock---Services of ATM cash withdrawal, UBPS and IBFT, had distinct features, and conventional/ traditional banking services, were not comparable to them in terms of…

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