Department of Justice sues Visa, alleges the card issuer monopolizes debit card markets
FILE - A Visa card is displayed on May 15, 2024, in Portland, Ore. (AP Photo/Jenny Kane, File)
NEW YORK (AP) — The U.S. Justice Department has filed an antitrust lawsuit against Visa, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market, costing consumers and businesses billions of dollars.
The complaint filed Tuesday says Visa penalizes merchants and banks who don't use Visa's own payment processing technology to process debit transactions, even though alternatives exist. Visa earns an incremental fee from every transaction processed on its network.
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