September 25, 2024 11:20 AM

US accuses Visa of monopolizing debit card swipes

U.S. Department of Justice on Tuesday filed a lawsuit accusing Visa of violating antitrust law by suppressing competition by threatening merchants with high fees and paying off potential rivals. Visa, one of the world's largest payment networks, processes more than 60% of debit transactions in the U.S., bringing it $7 billion each year in fees collected when transactions are routed over its network, the Justice Department said. The company protects that dominance through agreements with card is...