PayPal has dismissed concerns that its $2.2 billion takeover of European technology start-up iZettle could lead to higher prices for payment services and reduce competition.

The U.S.-based fintech giant secured the largest acquisition in its history when it closed the deal for Swedish payments firm iZettle in September.

However, Britain's antitrust watchdog — the Competition and Markets Authority (CMA) — has since said PayPal "could face insufficient competition in the U.K. after acquiring its market-leading rival."

Speaking to CNBC's Elizabeth Schulze at the Slush technology conference in Helsinki, Finland, on Tuesday, PayPal's Chief Operating Officer (COO) Bill Ready said: "We absolutely believe that we will demonstrate that we are bringing more choice (and that) we are pro-competition."

"We are really looking to expand the market in ways that are great for small business and great for consumers alike," Ready said.