The US Justice Department has filed a civil antitrust suit against Visa, alleging that the payment network engaged in anti-competitive practices to maintain an illegal monopoly over debit payments. The DOJ claims Visa's actions have resulted in billions of dollars in additional fees for American consumers and merchants.
The U.S. Justice Department on Tuesday sued Visa , the world’s biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing “exclusionary” agreements on partners and smothering upstart firms. 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.
In its complaint, the DOJ said Visa threatens merchants and their banks with punitive rates if they route a “meaningful share” of debit transactions to competitors, helping maintain Visa’s network moat. The contracts help insulate three-quarters of Visa’s debit volume from fair competition, the DOJ said. ″Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks,” the DOJ said in its release.
Visa Justice Department Antitrust Monopoly Debit Payments
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Justice Department Sues Visa Over Alleged Debit Network MonopolyThe US Justice Department has filed an antitrust lawsuit against Visa, alleging that the company illegally monopolized the debit network market. The lawsuit claims Visa uses a system of incentives and penalties to stifle competition and maintain its dominant position, charging billions in processing fees annually.
Read more »
Department of Justice sues Visa, saying the card issuer monopolizes debit card marketsThe complaint filed Tuesday says Visa penalizes merchants and banks who don't use Visa's own payment processing technology to process debit transactions, even though alternatives exist.
Read more »
Department of Justice sues Visa, alleges the card issuer monopolizes debit card marketsThe U.S. Justice Department has filed an antitrust lawsuit against Visa, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market.
Read more »
Department of Justice sues Visa, alleges the card issuer monopolizes debit card marketsThe U.S. Justice Department has filed an antitrust lawsuit against Visa, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market.
Read more »
Department of Justice sues Visa, saying the card issuer monopolizes debit card marketsThe U.S. Justice Department has filed an antitrust lawsuit against Visa, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market.
Read more »
Department of Justice sues Visa, saying the card issuer monopolizes debit card marketsThe U.S. Justice Department has filed an antitrust lawsuit against Visa, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market.
Read more »