U.S. Sues Visa Over Alleged Debit Card Monopoly

Topline

The Justice Department sued financial services giant Visa for allegedly violating antitrust laws in its debit card business, which accounts for an estimated 60% of all debit transactions in the country.

Key Facts

“Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” according to Attorney General Merrick Garland.

Garland added the fees Visa charges merchants “affects not just the price of one thing – but the price of nearly everything.”

Visa stock was down almost 5% in Tuesday trading, losing about $25 billion in market capitalization.

The company did not immediately respond to Forbes’ request for comment, but shared in 2021 it faced a regulatory probe over its debit card services.

This is a breaking news story and will be updated…