Washington: As per reports, the U.S. Department of Justice (DOJ) has initiated an antitrust lawsuit against Visa, alleging that the company has unlawfully maintained a monopoly over debit card networks in the country. The lawsuit, filed in a federal court in New York, claims that Visa's practices have led to billions of dollars in extra fees for American consumers and businesses, while also stifling innovation within the debit payments sector.
Attorney General Merrick Garland stated, "We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market." This lawsuit follows extensive investigations by U.S. antitrust enforcers into Visa's business operations.
According to the lawsuit, Visa generates approximately 8 billion dollars annually in network fees from U.S. debit transactions. On a global scale, the company processes a staggering 12.3 trillion dollars in total payment volume. The case highlights ongoing concerns about Visa's influence in the payments industry and its impact on competition and consumer costs.
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