U.S. Justice Department Files Lawsuit Against Visa for Alleged Debit Card Monopoly
(Source – reuters) The U.S. Justice Department has launched a lawsuit against Visa, accusing the financial giant of illegally monopolising the debit card market. The lawsuit, filed on Tuesday, claims Visa has exploited its dominant position for over a decade, using unfair practices to block competitors from entering the market and forcing businesses to rely on Visa’s network. This move by the department is part of a broader crackdown on monopolistic practices in various industries, with Visa now the latest major company to face scrutiny. Visa’s Alleged Abuse of Power in the Debit Market According to the U.S. Justice Department, Visa has used its overwhelming presence in the debit card market to impose higher fees on merchants and banks, which ultimately get passed down to consumers. Visa controls more than 60% of debit card transactions in the United States, allowing the company to charge over $7 billion annually in processing fees. These fees, Attorney General Merric...