"We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market," Attorney General Merrick Garland emphasized, underscoring the extent to which Visa's actions impact overall consumer prices and market health. He noted that this monopoly not only affects merchants and banks, but ultimately burdens consumers by raising prices or diminishing quality and service across a broad range of goods and services.
The complaint alleges that Visa's market dominance is partly due to a "web of exclusionary agreements" it imposes on businesses and banks, which stifles competition in the payment processing sphere. Allegations have surfaced around Visa potentially engaging in paid agreements with rivals to fend off competition, indicating a deliberate strategy to protect its lucrative market position and to extend its monopoly further.
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