DOJ Set to Sue Visa Over Debit Cards

The Department of Justice is planning to sue Visa over allegations the company illegally monopolized the debit card market, according to a report first published by Bloomberg News.

The DOJ, which could file the suit as soon as Tuesday, is planning to argue that the financial services behemoth penalizes customers if they try to use competing services to process payments. It stems from a years-long investigation into Visa’s business practices, during which the DOJ conducted hundreds of interviews with retailers, banks, and grocery stores, the New York Times said Monday.

It’s not the first time the government has gone after Visa. In 2020, the DOJ sued to block a $5.3 billion deal to acquire financial technology company Plaid, Inc., saying Visa had “dominated online debit for years” and “protected its monopoly with exclusionary tactics.”

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