BlockBeats news, on September 25, Cointelegraph reported that the U.S. Department of Justice (DOJ) filed an antitrust lawsuit against payment giant Visa, accusing it of monopolizing debit card payments. A complaint filed yesterday in the New York Federal Court stated that Visa used exclusive agreements and threats of penalties against suppliers to prevent competitors from infringing on its market share. Visa reportedly has a 60% market share in U.S. debit card transactions and earns $7 billion in transaction fees alone.
The complaint also stated that Visa used its market size and corporate holdings to attract potential competitors to establish partnerships. This would allegedly be consistent with the U.S. Department of Justice's allegations that Visa's practices would lead to higher prices for consumers even if alternatives entered the market.