US Accuses Visa of Debit Card Monopoly

The US has filed a lawsuit against $Visa (V.US)$ , accusing it of illegally stifling competition to maintain a monopoly over the debit card market. Visa allegedly punished companies using alternative payment networks and paid off potential competitors.

The Department of Justice claims Visa's actions have slowed innovation and led to additional fees for consumers and businesses.

Visa denied the claims, calling them "meritless", and said it would defend itself in court. The lawsuit is part of the Biden administration's antitrust push. Visa handles over 60% of US debit transactions, generating $7bn in annual fees.

The lawsuit seeks to declare Visa a monopoly and halt its "anticompetitive" practices.

Shares in Visa fell over 5% after the news.