Reported 13 days ago
The US Justice Department has launched an antitrust lawsuit against Visa, accusing the payment giant of using its extensive card processing network to stifle competition. The DOJ claims that Visa's practices led to higher fees for consumers and hampered innovation by coercing merchants into choosing its network. Visa, which processes over 60% of US debit transactions, is alleged to have created contracts that penalize those opting for alternative networks. Visa has denied the allegations, stating that competition exists in the debit space.
Source: YAHOO