Visa exploits its market dominance to stifle competition, costing consumers and merchants billions in extra fees, feds allege.
Federal antitrust enforcers are accusing Visa of using its market dominance in payments to stifle competition in the debit card market, raising costs for consumers and businesses.The U.S. Department of Justice on Tuesday said it filed a lawsuit against the credit card giant alleging that Visa is a monopoly, enabling it to block rivals from introducing lower-priced debit products.
'Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa's unlawful conduct affects not just the price of one thing â but the price of nearly everything.'More than 60% of debit transactions in the U.S. are conducted using Visa's network, with the company earning roughly $7 billion a year in processing fees, according to the complaint.
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