The U.S. Department of Justice has filed a lawsuit against Visa, accusing the company of monopolizing payment networks through its financial debit cards | WPN World People News

On the 24th, the U.S. Department of Justice filed an antitrust lawsuit against Visa, accusing the company of using its market position in financial debit cards to force merchants and banks to use its payment network, thereby restricting competition and increasing costs for both merchants and consumers, in violation of the Sherman Antitrust Act.

U.S. Attorney General Merrick Garland stated, "Through the transactions restricted by Visa’s financial debit cards, the company has generated over $7 billion in network usage fees." This amount far exceeds what could be charged in a competitive market, resulting in higher prices for all goods involved in these transactions.

Deputy Assistant Attorney General Doha Mekki also emphasized that "Visa has achieved its monopoly and profits through exclusionary practices and punitive measures, rather than through innovation or normal competition."

Visa is currently the largest payment network operator in the world, handling over 60% of credit transactions in the U.S. The company stated that these allegations are unfounded and that it will directly confront the Department of Justice’s lawsuit in defense.