According to the DOJ's complaint, 60% of debit transactions in the United States run on Visa's debit network, allowing it to charge over $7 billion in fees each year for processing those transactions.
We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market," said Attorney General Merrick B. Garland.
Visa leverages the vast number of transactions on its network to impose volume commitments on merchants and their banks, making it difficult for them to use alternatives.
As a result, Visa's unlawful conduct affects not just the price of one thing-but the price of nearly everything.”
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