The U.S. Justice Department filed an antitrust lawsuit against Visa, alleging the company uses its dominance to stifle competition in the debit card market, costing consumers and businesses billions of dollars.
The 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, costing consumers and businesses billions of dollars.
We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market," said Attorney General Merrick B. Garland in a statement. "Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa's unlawful conduct affects not just the price of one thing – but the price of nearly everything.
The DOJ said Visa also stifled competition by paying to enter into partnership agreements with potential competitors.
Antitrust Visa Debit Cards Competition DOJ
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