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Andrew Harrer/Bloomberg/Getty Images. The US Justice Department filed a lawsuit Tuesday accusing Visa of illegally monopolizing the debit card market. For more than a decade, the department ...
The company processes more than 60% of debit transactions in the US, according to the complaint, bringing in $7bn in fees annually. As of 2022, its debit card business was bigger by revenue than ...
Prosecutors say Visa handles more than 60% of US debit transactions, earning the company more than $7 billion in fees per year. Jean Sebastien Evrard/Getty Images
Even traditionally cash-heavy businesses like bars, barbers and coffee shops have started accepting credit or debit cards as a form of payment, often via smartphones. KBW analyst Sanjay Sahrani said in a note to investors that he estimates that U.S. debit revenue is likely at most about 10% of Visa revenue.
Department of Justice sues Visa, saying the card issuer monopolizes debit card markets By MAE ANDERSON AP Business Writer NEW YORK (AP) — The U.S. Justice Department has filed an antitrust lawsuit against Visa, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market, costing ...
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A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back. Many new cards now have a chip on them, which allows people to use their card ...
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