Summary
- The U.S. Justice Department filed an antitrust lawsuit against Visa, alleging that it uses its dominance to stifle competition in the debit card market.
- Visa penalizes merchants and banks who don’t use its payment processing technology, leading to higher costs for consumers.
- Visa’s control of 60% of debit transactions in the U.S. allows it to charge over $7 billion in fees annually.
- The DOJ previously sued to block Visa’s acquisition of Plaid, citing monopolistic concerns.