Mon Sep 23 23:21:06 UTC 2024: ## US Justice Department to Sue Visa for Alleged Debit Card Monopoly

**Washington, D.C.** – The US Department of Justice (DOJ) is set to file an antitrust lawsuit against Visa, the world’s largest payments network operator, accusing the company of illegally monopolizing the country’s debit card market.

According to Bloomberg News, the lawsuit is expected to be filed in federal court as early as Tuesday. The DOJ alleges that Visa has engaged in various anticompetitive practices to maintain its dominant position in the debit card market, preventing competitors from challenging its dominance.

The investigation, which began in 2021, focused on whether Visa uses anticompetitive tactics within the debit card market. The DOJ issued an investigative demand to Visa in 2023, seeking documents and information about its debit card practices and competition with other payment networks. While Visa previously stated its belief that its practices comply with applicable laws, the DOJ’s lawsuit suggests otherwise.

This action follows a similar lawsuit filed earlier this year in Texas against Visa by Discover Financial Services’ unit, Pulse Network. The lawsuit accused Visa of obstructing competition in the multibillion-dollar debit card network services market, leading to higher fees for merchants.

Visa’s rival, Mastercard, has also previously faced antitrust investigations regarding its US debit program and competition with other payment networks. The DOJ’s lawsuit against Visa, if successful, could have significant implications for the competitive landscape of the US debit card market, potentially leading to lower fees for merchants and consumers.

Both Visa and the DOJ have declined to comment on the matter.

Read More