The US Department of Justice plans to sue the world's largest payment network operator Visa (V.US), accusing the company of illegally monopolizing the country's debit card market.
According to informed sources, Intelligent Wealth APP has learned that the US Department of Justice plans to sue the world's largest payment network operator Visa (V.US), accusing the company of illegally monopolizing the country's debit card market.
Sources indicate that the antitrust department will sue Visa in federal court as early as the 24th local time, accusing it of various anti-competitive practices.
Insiders stated that in 2023, the US Department of Justice's antitrust division issued a request to Visa for information on its debit card business in the USA and competition with other payment networks. The investigation began in 2021, when Visa stated it believed its debit practices complied with applicable laws.
This year, Discover Financial Services' Pulse Network has settled a lawsuit related to Visa, accusing Visa of obstructing competition in the multi-billion dollar debit card network service market, leading to higher fees for merchants.