The DOJ alleges that Visa leverages its dominance in debit transactions, charging over $7 billion in fees annually while penalizing merchants and banks that utilize alternative processing technologies.
Merrick B. Garland stated Visa's practices allow it to extract fees that far exceed what could be charged in a competitive environment, affecting consumer prices across the board.
With 60% of debit transactions in the U.S. processed through its network, Visa's conduct not only impacts the cost of debit transactions but effectively raises prices for nearly every consumer good.
The lawsuit reflects the Biden administration's broader approach to tackling perceived anticompetitive practices among major companies, including those in the tech and services sectors.
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