Summary
- The U.S. Department of Justice filed a lawsuit against Visa for alleged antitrust violations in the debit card market.
- Visa is accused of using its market dominance to block rivals from introducing lower-priced debit products.
- More than 60% of U.S. debit transactions use Visa’s network, resulting in billions of dollars in extra fees for consumers and businesses.
- In 2020, the agency blocked Visa’s acquisition of Plaid over concerns about competition.