It claimed that in order to maintain its hegemony over the market, Visa had penalized businesses that wished to use alternative payment networks and bought out possible rivals.
According to the Department of Justice, the actions have hindered innovation and resulted in considerable extra costs for American companies and consumers.
Visa declared the allegations to be “meritless” and that it will mount a legal defense.
According to Julie Rottenberg, general counsel for Visa, Visa’s “secure and reliable network” is why customers and companies selected the card.
This case has no merit, and we will mount a strong defense.
The Biden administration, which has approached monopolistic issues—known as antitrust in the US—more aggressively than past administrations, has filed the latest competition action against Visa.
In addition, the company’s actions have drawn criticism and legal action from retailers and antitrust authorities across the globe, notably in Europe and Australia.
In 2021, the Department of Justice began its investigation into Visa.
According to the complaint, the business handles more than 60% of debit transactions in the US and earns $7 billion in fees each year. 2022 will see its debit.
