DOJ sues Visa over alleged payments monopoly
The suit alleges that Visa purposely made it difficult for competitors to participate in the payments market.
The United States Department of Justice (DOJ) has filed an antitrust suit against payments giant Visa for allegedly operating a debit payments monopoly.
A complaint filed in a federal court in New York on Sept. 24 alleged that Visa uses exclusivity agreements and the threat of penalties against vendors to prevent competition from infringing on the company’s market share.
Visa reportedly commands a 60% market share in the US debit transactions sector, allowing the firm to reap $7 billion in transaction fees alone.
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Author: Tristan Greene
