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American Focus > Blog > Economy > DOJ accuses Visa of monopoly that affects price of ‘nearly everything’
Economy

DOJ accuses Visa of monopoly that affects price of ‘nearly everything’

Last updated: September 24, 2024 4:28 pm
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DOJ accuses Visa of monopoly that affects price of ‘nearly everything’
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The U.S. Justice Department has taken legal action against Visa, the largest payments network in the world, alleging that the company has maintained an illegal monopoly over debit payments through exclusionary agreements and anti-competitive practices. According to the DOJ, Visa’s actions have led to American consumers and merchants paying billions of dollars in additional fees over the years.

Attorney General Merrick Garland stated that Visa has unlawfully amassed the power to charge excessive fees that go beyond what would be possible in a competitive market. These fees are ultimately passed on to consumers through higher prices or reduced quality of services. The DOJ’s civil antitrust suit in New York accuses Visa of monopolization and other unlawful conduct.

Visa and its main competitor, Mastercard, have seen significant growth over the past two decades, with a combined market capitalization of around $1 trillion. They act as intermediaries, processing payments between banks and merchants for cardholders. Visa has denied the allegations, calling the lawsuit “meritless” and emphasizing the competition in the growing debit space.

The DOJ complaint highlights Visa’s dominant position in processing over 60% of debit transactions in the U.S., generating more than $7 billion in annual processing fees. Regulators and retailers have increasingly scrutinized the long-standing dominance of payment networks like Visa.

In recent years, Visa has faced legal challenges, including a failed attempt to acquire fintech company Plaid and a rejected settlement with Mastercard to limit fees and allow merchants to charge customers for credit card usage. The DOJ alleges that Visa uses exclusionary agreements to maintain its market dominance, threatening punitive rates for routing transactions through competitors.

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The DOJ also claims that Visa stifles innovation by paying competitors to prevent the development of technologies that could challenge its monopoly. Agreements with tech companies like Apple, PayPal, and Square have turned potential rivals into partners, further entrenching Visa’s position in the market.

The DOJ is seeking to prevent Visa from engaging in anti-competitive practices, such as fee structures that discourage new entrants. This legal action comes amid a broader regulatory push to address anticompetitive behavior in various industries.

As the Biden administration takes a stance against monopolistic practices, other players in the payments industry are exploring ways to challenge Visa and Mastercard’s dominance. Capital One’s acquisition of Discover Financial aims to bolster Discover’s position as a competitor to Visa and Mastercard, signaling potential shifts in the payments landscape.

Overall, the DOJ’s lawsuit against Visa reflects growing concerns about the concentration of power in the payments industry and the need for fair competition to benefit consumers and businesses alike.

TAGGED:AccusesAffectsDOJMonopolyPriceVisa
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