DOJ Sues Visa Over Alleged Debit Card Market Monopoly

The Justice Department claims Visa's practices stifle competition and raise costs for consumers and businesses.

The lawsuit alleges Visa uses exclusionary agreements to maintain over 60% of the U.S. debit card market.
Visa is accused of penalizing merchants and banks that use alternative payment networks, leading to higher fees.
The DOJ claims Visa's actions have resulted in billions of dollars in additional fees for consumers and businesses.
Visa allegedly paid potential competitors like Apple and PayPal to avoid entering the market with competing products.
The legal action seeks to restore competition in the debit payment processing market and prevent Visa from imposing restrictive pricing structures.