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US accuses Visa of debit card monopoly (www.bbc.com)

submitted 5 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 5 months ago

Isn't it weird that every single company on the globe wants nothing more than to monopoly? seriously, from the shareholders down it is the ONLY goal.

People get fired if there aren't massive returns every quarter.

And then when the corporation gets running well and actually gets where they've been headed for years or decades, suddenly; we have a problem.

That's illegal, you can't do that!

Maybe the motivators at play are the actual issue.

Maybe corporations could refocus on producing the best product or service possible instead of caving to VC whims and making everything suck.