Name: Justice Department Sues Visa for Alleged Illegal Monopoly in Debit-Card Payments
Uploaded: 2024-09-24T20:30:00Z
Duration: 2 min 16 s
Description: The Justice Department sued Visa for antitrust violations on Tuesday, alleging that the company used illegal tactics to maintain a monopoly in debit-card payments.

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The Justice Department sued Visa for antitrust violations on Tuesday, alleging that the company used illegal tactics to maintain a monopoly in debit-card payments. Photo: Jim Lo Scalzo/Shutterstock

https://m.wsj.net/video/20240924/63bf361f-e390-437b-bfe2-34c28fe6d5fe/1/hls/manifest-hd-wifi.m3u8

The Justice Department sued Visa for antitrust violations on Tuesday, alleging that the company used illegal tactics to maintain a monopoly in debit-card payments.

Justice Department Sues Visa for Alleged Illegal Monopoly in Debit-Card Payments

Earlier today, the Department of Justice sued Visa for violating sections one and two of the Sherman Antitrust Act. We allege Visa is a monopolist in the debit transaction markets that is violating federal antitrust law and inflicting, often hidden but significant harm on American consumers and businesses. Visa operates the largest debit network in the United States. A debit network facilitates the electronic transfer of funds directly from a consumer's bank account to the Merchant's bank account in a retail transaction. Millions of Americans prefer to use debit transactions, which are often the primary option for lower income consumers without a credit card. In the United States, over $4 trillion of debit card transactions take place every year. Over 60% of those transactions and over 70% of all online debit transactions are routed through Visa's Electronic payment Network. According to Visa's own calculations, it is insulated from competition for 75 to 80% of debit transactions initiated with a Visa branded debit card. We allege that to maintain this monopoly power, Visa deploys a web of unlawful anti-competitive agreements to penalize merchants and banks for using competing payment networks. At the same time, it coerces would be market entrance into unlawful agreements not to compete by threatening high fees if they do not cooperate and promising big payoffs if they do. The result is a debit market where Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market. Merchants and banks pass along those costs to consumers either by raising prices or reducing quality or service. As a result, visa's unlawful conduct affects not just the price of one thing, but the price of nearly everything.

Justice Department Sues Visa, Alleges Illegal Monopoly in Debit-Card Market

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