The US Department of Justice filed an antitrust lawsuit against Visa, alleging the company maintains a monopoly over debit cards in the US, resulting in higher fees for consumers and hindering innovation in the payments industry.
Visa’s control over the debit card market, with $8 billion in network fees annually, affects younger and less affluent users disproportionately, prompting concerns ahead of the upcoming presidential election.
The lawsuit accuses Visa of utilizing exclusionary agreements and imposing volume commitments to stifle competition and maintain its dominant position.
Visa refutes the claims, emphasizing its role in providing secure payment solutions. The company’s financial success, with an $18.8 billion global operating income in 2022, suggests the profitability of its practices.