USA sues Visa for breach of antitrust law

» Published: September 24 2024

USA sues Visa for breach of antitrust law
Photo: Jose Luis Magana/AP/TT

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The US Department of Justice is suing the credit card company Visa for violating the country's competition law.

The charges against Visa, which were filed on Tuesday, concern the company's way of exploiting its dominance and size to counteract competition on the credit card market.

The Department of Justice states that 60 per cent of credit card transactions in the US go through Visa's network, which enables the company to charge around 7 billion dollars in fees each year.

"We believe that Visa has illegally accumulated power so that (the company) can charge fees that far exceed what it would be able to do on a competitive market", writes Justice Minister Merrick Garland in a statement.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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