U.S. US sues Visa

[Stanthropical]

US sues Visa for monopoly on debit-card use affecting ‘price of nearly everything’
https://amp.theguardian.com/business/2024/sep/24/visa-doj-antitrust-investigation
Government claims firm stifles competition by threatening merchants with high fees and pays off potential rivals
Callum Jones in New York and agencies
Tue 24 Sep 2024 16.43 EDT

The US Department of Justice has sued Visa, accusing one of the world’s largest payment networks of antitrust violations that affect “the price of nearly everything”.

 

[Stanthropical]

The DOJ sues Visa for locking out rival payment platforms
https://www.theverge.com/2024/9/24/24253280/doj-antitrust-lawsuit-visa-debit-monopoly
The financial service company reportedly tried to ‘smother’ competitors and considered Apple to be an ‘existential threat.’

By Gaby Del Valle, a policy reporter. Her past work has focused on immigration politics, border surveillance technologies, and the rise of the New Right.
Sep 24, 2024 at 1:30 PM CDT

The Department of Justice has filed an antitrust lawsuit against Visa, alleging that the financial services firm has an illegal monopoly over debit network markets and has attempted to unlawfully crush competitors, including fintech companies like PayPal and Square. The lawsuit, which was first rumored by Bloomberg, follows a multiyear investigation of Visa, which the company disclosed in 2021.

 

[Deleted member 1415515]

Serves them right. Visa was clearly violating US antitrust laws.

 

[aFemboi4RP]

I'd never really thought about it before, but that's really the only card time I've ever had/seen. Mastercard every now and then, but definitely mostly Visa. Wonder how this'll change things; it'd be sort of strange seeing all sorts of new, smaller issuers popping up but it sounds like that'd be a good thing if they did.