US accuses Visa of monopolizing debit card swipes, alleging antitrust violations and suppressing competition by imposing high fees on merchants and paying off potential rivals. The U.S. Department of Justice claims that Visa’s dominance in processing debit transactions in the U.S. allows them to collect billions of dollars in fees each year. The lawsuit is part of the Biden administration’s efforts to address rising consumer prices. Attorney General Merrick Garland highlights the impact of Visa’s actions on the price of goods and services. The alleged anticompetitive conduct by Visa began in 2012, following industry reforms. The lawsuit aims to restore competition in processing debit payments. Visa’s debit card practices have been under investigation since 2021, and a separate settlement with U.S. merchants was reached in 2019. Visa has reserved funds for potential settlements in other U.S. cases related to interchange fees.
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US accuses Visa of monopolizing debit card swipes
