According to a report, the two companies spent a combined $80 million lobbying against credit card competition acts.
Consumer watchdog organization Accountable.US recently published a report accusing finance giants Visa and Mastercard of operating as a duopoly to prevent competition in the debit and credit card payments sector.
According to the report, which has been viewed by Cointelegraph, the two companies have spent more than $80 million lobbying against legislation that would allow competitors access to the payments sector.
Because Visa and Mastercard account for the majority of credit and debit card transactions in the United States, Accountable.US alleges that they’re responsible for the “sky-high” swipe fees faced by both consumers and businesses.
