US Justice Department Files Antitrust Lawsuit Against Visa Over Debit Card Payments

On September 25th, the US Department of Justice (DOJ) filed an antitrust lawsuit against payment giant Visa, accusing it of monopolizing debit card payments. On September 24th, a complaint submitted to the federal court in New York alleged that Visa used exclusive agreements and threats of penalties against suppliers to prevent competitors from encroaching on its market share. It has been reported that Visa holds a 60% market share in the US debit card transaction field and earns $7 billion in revenue solely from transaction fees. The complaint also stated that Visa leveraged its market size and corporate control to attract potential competitors and establish cooperative relationships. It is alleged that this aligns with the charges made by the US Department of Justice, which assert that even with alternative products entering the market, Visa’s practices would result in increased prices for consumers.