The U.S. Department of Justice filed a civil antitrust suit against Visa, alleging that it used exclusionary agreements and stifled competition to maintain an illegal monopoly over debit payments. This resulted in billions of dollars in additional fees paid by American consumers and merchants.
Visa 's moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ The U.S. Department of Justice on Tuesday sued Visa , the world's biggest payments network, saying it propped up an illegal monopoly over debit payments . Visa and its smaller rival MasterCard have surged in the past two decades, reaching a combined market cap of roughly $1 trillion.
Visa's moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for"monopolization" and other unlawful conduct.
"Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service," Garland said."As a result, Visa's unlawful conduct affects not just the price of one thing – but the price of nearly everything."have surged in the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money.
Visa Monopoly Debit Payments DOJ Antitrust
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