DOJ's Visa antitrust lawsuit alleges debit card company monopoly
USA TodaySEP 2024
Visa used illegal means to thwart competition and collected fees far exceeding what it could charge in a competitive market. Additionally, its unlawful conduct imposed hidden costs on American consumers and businesses. The court must rule Visa is a monopoly and prohibit its anticompetitive practices. This is necessary to restore fair pricing structures and reduce corporate middlemen's influence on competition.
Visa dominates the payments industry because, unlike its rivals, it has built significant consumer trust over the years, invests heavily in technology and security, and is popular with the masses. This lawsuit holds no ground as it ignores the fact that Visa is just one of many competitors in the ever-growing debit card space, and controlling 60% of the market doesn't constitute a monopoly.