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Visa Faces Antitrust Lawsuit Alleging Monopoly on US Debit-Card Use

2 hours ago

Visa Faces Antitrust Lawsuit Alleging Monopoly on US Debit-Card Use
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7 Highlights

  • 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.
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