The U.S. Justice Department has sued Visa Inc., alleging the global payments giant illegally monopolized the debit card market.
The US Justice Department sued Visa Inc. on Tuesday, alleging the global payments giant illegally monopolized the debit card market, in the Biden administration’s first major antitrust case in the financial services industry.
Concerned that the law would generate competition and harm its dominant position in the debit market, Visa began to require merchants to enter into agreements with onerous terms. The Justice Department alleged the company used “cliff pricing,” charging merchants significant fees on transactions unless they routed the vast majority of them to Visa, at which point they would get a discount.
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