The U.S. Department of Justice files an antitrust lawsuit against Visa over debit card payments
On September 25th, the U.S. Department of Justice (DOJ) filed an antitrust lawsuit against payment giant Visa, accusing it of monopolizing debit card payments. On September 24th, a complaint submitted to the New York Federal Court stated that Visa used exclusive agreements and threats of penalties against suppliers to prevent competitors from infringing on its market share.
It is reported that Visa holds a 60% market share in the field of debit card transactions in the United States, with transaction fees alone generating $7 billion in revenue. The complaint also states that Visa uses its market size and corporate holdings to attract potential competitors to establish partnerships. It is said that this will be consistent with the allegations made by the DOJ, namely that even if substitutes enter the market, Visa's practices would lead to price increases for consumers.
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