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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] 1 points 3 weeks ago

The worst part is their ability to cripple some categories of business completely. I'm not interested in buying porn or whatever similar content, but Visa's "we won't handle payments" has led to a lot of censorship of a lot of sites.