- DOJ Lawsuit Filed Against Visa: The US Department of Justice (DOJ) has filed a civil antitrust lawsuit against Visa for alleged monopolization in debit network markets, violating Sections 1 and 2 of the Sherman Act.
- Allegations: Visa is accused of using its dominance to limit competition in debit transactions, resulting in billions in fees and stifling innovation in the debit payments ecosystem.
- Visa’s Market Share: Over 60% of debit transactions in the US are processed by Visa, allegedly enabling the company to charge over $7 billion in fees annually.
- Attorney General’s Statement: Merrick B. Garland claims Visa’s conduct inflates prices for consumers across various sectors by increasing transaction fees for merchants and banks.
- Visa’s Response: Visa’s general counsel Julie Rottenberg called the lawsuit “meritless,” arguing that Visa faces competition in a growing debit market and will defend itself vigorously.
- Background: The DOJ has been investigating Visa’s US debit practices since 2021 and previously blocked Visa’s proposed $5.3 billion merger with Plaid.
