this post was submitted on 25 Sep 2024
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US accuses Visa of debit card monopoly (www.bbc.com)
submitted 2 months ago by MicroWave to c/economics
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The US has filed a lawsuit against Visa, accusing the financial giant of illegally stifling competition to maintain a monopoly over the debit card market.

It said Visa had punished companies that wanted to use alternative payment networks and paid off potential competitors to keep its hold over the market. 

The Department of Justice said the moves had slowed innovation and led to significant additional fees for American consumers and businesses.

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[–] [email protected] 4 points 2 months ago

Wouldn't it make sense to grab MasterCard too? Putting things simply two companies working together is just as anticompetitive as a straight up monopoly.