The Department of Justice said Visa's actions had slowed competition and raised prices across the economy.

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.

  • YeetPics@mander.xyz
    4·
    3 months 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.

  • 21Cabbage@lemmynsfw.comEnglish
    4·
    3 months 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.

  • conciselyverbose
    1·
    22 days ago

    The worst part is their ability to cripple some categories of business completely. I’m not interested in buying porn or whatever similar content, but Visa’s “we won’t handle payments” has led to a lot of censorship of a lot of sites.

  • TheTetrapod@lemmy.world
    1·
    3 months 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.