The US Department of Justice has filed an antitrust lawsuit against Visa for debit card payments
2024-09-25 04:28:06
On September 25, the Department of Justice (DOJ) filed an antitrust lawsuit against payment giant Visa, accusing it of monopolizing debit card payments.
On September 24, a complaint filed in federal court in New York alleges that Visa used exclusivity agreements and threats of penalties against suppliers to prevent competitors from encroaching on its market share. Visa reportedly has a 60% market share in US debit card transactions, generating $7 billion in revenue from transaction fees alone.
The complaint also alleges that Visa used its market size and corporate holdings to entice potential competitors into partnerships, which would allegedly be consistent with the Department of Justice's allegation that Visa's practices lead to higher prices for consumers even when alternatives enter the market.
On September 24, a complaint filed in federal court in New York alleges that Visa used exclusivity agreements and threats of penalties against suppliers to prevent competitors from encroaching on its market share. Visa reportedly has a 60% market share in US debit card transactions, generating $7 billion in revenue from transaction fees alone.
The complaint also alleges that Visa used its market size and corporate holdings to entice potential competitors into partnerships, which would allegedly be consistent with the Department of Justice's allegation that Visa's practices lead to higher prices for consumers even when alternatives enter the market.
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