DREAM / The Prime Minister resigns and wakes up under the Parisian bridge!

 Kliko këtu për të tjera
Voxpress:

The US Department of Justice is suing Visa for credit card monopoly and high consumer fees

2024-09-24 21:15:22Biznes SHKRUAR NGA REDAKSIA VOX
The US Department of Justice is suing Visa for credit card monopoly and high
Visa

The US Department of Justice has sued Visa for antitrust violations, accusing one of the world's largest payment networks of stifling competition by threatening merchants with high fees and squeezing potential rivals.

Visa processes more than 60% of debit transactions in the U.S., earning it $7 billion annually in fees collected when transactions are routed through its network, the Justice Department said. The company protects this dominance through deals with card issuers, merchants and competitors, prosecutors allege.

The effort to tackle the fees, often known as "swipe" fees or interchange fees, is part of the Biden administration's efforts to combat rising consumer prices, a key issue in the Nov. 5 presidential election campaign between Kamala Harris and Donald Trump. Trump.

"Visa's illegal behavior affects not only the price of a product, but the price of almost anything," US Attorney General Merrick Garland said in a statement, noting that merchants and banks pass the costs on to consumers. of the payment network.

Visa's alleged anticompetitive behavior began around 2012, as competing companies entered the payments space following reforms that required card issuers to accommodate networks outside the system, a senior Justice Department official said.

The lawsuit asks a Manhattan judge to set requirements that would restore competition for services to process debit payments both online and in brick-and-mortar stores.

The Justice Department's antitrust division began investigating Visa over its debit card practices in 2021, the same year it blocked the credit card company's purchase of financial technology company Plaid. Its rival Mastercard said in April it was also being investigated by the Justice Department.

Both companies have been in litigation for nearly two decades over their dominance of the card market.

Visa and Mastercard agreed in 2019 to pay US merchants $5.6 billion to settle claims in a lawsuit accusing them of anti-competitive practices.


Në përputhje me standarded JTI

Video

SHIKO KANALIN NE YOUTUBE
×