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Washington, United States – The US Department of Justice filed an antitrust lawsuit against Visa on Tuesday, alleging the company illegally maintains a monopoly over the use of debit cards in the United States.
The case focuses on Visa’s debit card business that allows users to only spend money from their checking account, unlike a credit card that enables purchases on borrowed funds that must be repaid later. Visa, according to the lawsuit, charges roughly $8 billion in network fees on US debit volume annually. Globally, Visa processes $12.3 trillion in total payment volume.
To maintain its dominance, the Justice Department claims Visa imposes exclusionary agreements on merchants and banks, penalizing customers who route transactions through different networks or alternative payment systems.
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