DOJ Sues Visa for Antitrust Violations

A significant step has been taken in the fight against anticompetitive practices in the financial industry with the US Department of Justice’s lawsuit against Visa. The case accuses the business of burdening consumers and limiting competition through its dominance in the debit card market.

The US Department of Justice has launched an antitrust complaint against Visa, accusing the massive payment company of monopolistic tactics in its debit card business. As per the case, Visa’s activities have caused unfair surcharges for both customers and merchants, which have affected prices in a number of different industries. Attorney General Merrick Garland stressed that Visa’s actions hurt the market’s ability to compete and drive up prices for customers. The complaint comes after an extensive probe of Visa’s hegemony—it processes more than 60% of debit transactions in the United States. This action is a part of the Biden Administration’s larger initiatives to target middle-man firms that are thought to be driving up expenses for Americans. Visa has not yet responded to the claims.