152

The US has filed a lawsuit against Visa, accusing the financial giant of illegally stifling competition to maintain a monopoly over the debit card market.

It said Visa had punished companies that wanted to use alternative payment networks and paid off potential competitors to keep its hold over the market. 

The Department of Justice said the moves had slowed innovation and led to significant additional fees for American consumers and businesses.

top 7 comments
sorted by: hot top controversial new old
[-] sunzu2@thebrainbin.org 13 points 1 month ago

Believe or not the fee won't go down

[-] 21Cabbage@lemmynsfw.com 4 points 1 month ago

Wouldn't it make sense to grab MasterCard too? Putting things simply two companies working together is just as anticompetitive as a straight up monopoly.

[-] YeetPics@mander.xyz 4 points 1 month ago

Isn't it weird that every single company on the globe wants nothing more than to monopoly? seriously, from the shareholders down it is the ONLY goal.

People get fired if there aren't massive returns every quarter.

And then when the corporation gets running well and actually gets where they've been headed for years or decades, suddenly; we have a problem.

That's illegal, you can't do that!

Maybe the motivators at play are the actual issue.

Maybe corporations could refocus on producing the best product or service possible instead of caving to VC whims and making everything suck.

[-] bokherif@lemmy.world 1 points 1 month ago

J’ACCUSE!

[-] TheTetrapod@lemmy.world 1 points 1 month ago

That's interesting, I've only ever had Visa for credit cards and MasterCard for debit. I didn't even know Visa did debit.

[-] LifeOfChance@lemmy.world 1 points 1 month ago

It's really about where you bank. Never had master always visa over the last 20 years with 3 different banks.

[-] BlackLaZoR@fedia.io 0 points 1 month ago

They both do both usecases.

this post was submitted on 25 Sep 2024
152 points (98.7% liked)

Economics

444 readers
5 users here now

founded 1 year ago