Visa Faces Antitrust Lawsuit Alleging Monopoly on US Debit-Card Use
3 minutes ago
- DOJ files lawsuit against Visa for debit-card monopoly in the US.
- Visa processes over 60% of US debit transactions, facing competition concerns.
- Lawsuit aims to revive competition in US payment processing services.
- Visa accused of high fees, discouraging merchant use of alternatives.
- Filed in Southern District of New York, Visa denies DOJ's claims.
- Biden administration fights high prices through legal action on Visa.
- Visa reportedly earns $7bn annually from US debit transaction fees.