Close Menu
fintechbits
  • News
  • AI
  • Acquisitions
  • Trends
  • Insights
  • Rumors
  • Startups
  • finjobsly

Subscribe to Updates

Get the latest news from Fintechbits.

Trending Now

The funding for the financial automation agent rises by $500 million.

August 3, 2025

Kuvi.ai introduces the private beta of its agency financing system

August 2, 2025

The new legislation provides AI testing facilities for U.S. financial organizations.

August 2, 2025

Daloopa secures $13 million in strategic funding to advance the future of AI in finance.

August 2, 2025
Facebook X (Twitter) Instagram
Trending
  • The funding for the financial automation agent rises by $500 million.
  • Kuvi.ai introduces the private beta of its agency financing system
  • The new legislation provides AI testing facilities for U.S. financial organizations.
  • Daloopa secures $13 million in strategic funding to advance the future of AI in finance.
  • Reinstating Trust in Cryptocurrency: The Significance of Reliable Information
  • Revolutionizing Birth Control Access: How a Startup is Utilizing Fintech to Offer $16 Care to Millions on Medicaid
  • The King, Crisis, and Future Prospects for 2025
  • AI turns AR teams into financial superheroes.
Facebook X (Twitter) Instagram Pinterest Vimeo
fintechbits
  • News

    As profits increase, PB Fintech makes another move into common funds.

    August 1, 2025

    The integration of AI is advancing within Israel’s fintech sector.

    July 31, 2025

    The Journey of Sofi: Transitioning from Student Loans to Fintech Dominance

    July 25, 2025

    This Week in Fintech: Biweekly News Summary for June 24

    July 19, 2025

    Fintech and Global Expansion as Russia’s National Center Hosts a Major Session at SPIEF 2025 in Salt Lake City News, Weather, and Sports Updates

    July 15, 2025
  • AI

    The funding for the financial automation agent rises by $500 million.

    August 3, 2025

    Kuvi.ai introduces the private beta of its agency financing system

    August 2, 2025

    The new legislation provides AI testing facilities for U.S. financial organizations.

    August 2, 2025

    Daloopa secures $13 million in strategic funding to advance the future of AI in finance.

    August 2, 2025

    The King, Crisis, and Future Prospects for 2025

    August 2, 2025
  • Acquisitions

    The funding strategy for the Fintech company is secured.

    July 31, 2025

    African fintech leaders are shaping the industry through worldwide acquisitions.

    June 30, 2025

    Acrisure obtains significant funding to enhance its fintech strategy.

    June 14, 2025

    $200 million IPO SPAC aims for acquisitions in fintech and AI sectors.

    June 1, 2025

    Wealthsimple hires multiple teams to enhance family financial management.

    May 31, 2025
  • Trends

    GCC Fintech Market Forecasted to Grow at a CAGR of 15.68% from 2025 to 2033

    August 1, 2025

    Fintech algoquant hits a 52-week peak amid broader market trends.

    July 31, 2025

    Exploring the Challenges of a Unsuccessful Proposal in a Turbulent Fintech Environment

    July 29, 2025

    European fintech company Tractial boosts its Bitcoin holdings to 25.03 BTC, highlighting trends in institutional cryptocurrency adoption.

    July 24, 2025

    Impacts of Q2 2025 Success for QCR Holdings Compared to Revenue Shortfall: A Disconnect in the Fintech Sector

    July 24, 2025
  • Insights

    Key Investors Drive Fintech Growth in the Philippines

    August 1, 2025

    Co-founder of Wise claims £10 billion fintech misled investors

    July 29, 2025

    Bruce Markets obtains strategic investment from Apex Fintech Solutions, Robinhood, and Tastytrade.

    July 23, 2025

    ICAPITAL Fintech Achieves a Valuation Exceeding $7.5 Billion in Recent Fundraising Amid Surge in Private Markets

    July 10, 2025

    Alphalésaka Technologies: The Potential Transformative Impact of Recent Fintech Acquisition

    July 9, 2025
  • Rumors

    Reinstating Trust in Cryptocurrency: The Significance of Reliable Information

    August 2, 2025

    Mybambu is expanding in West Palm Beach, aiming to create 200 new jobs, among several financial services firms that have relocated to Palm Beach County recently.

    July 31, 2025

    Hang Seng Electronic denies claims of partnership with anti-establishment groups as stock exchange declines by 0.17%

    July 29, 2025

    Kakaopay Stock Halted Amid Concerns Over Stablecoins

    July 26, 2025

    JPMorgan’s new fintech fees are provoking a response from the industry.

    July 26, 2025
  • Startups

    Revolutionizing Birth Control Access: How a Startup is Utilizing Fintech to Offer $16 Care to Millions on Medicaid

    August 2, 2025

    Policybazaar PB Fintech sees a 33% rise in turnover, reaching Rs 1.348 crore in the first quarter of FY26.

    August 2, 2025

    Fintech Mobikwik’s losses increased sixfold to Rs 42 crore in the first quarter of FY26.

    August 2, 2025

    Saudi startups in AI and food technology showcase the swift growth of the ecosystem.

    August 1, 2025

    Zaggle, located in Hyderabad, purchases finup fintech rio.Money for Rs 22 crore.

    August 1, 2025
  • finjobsly
fintechbits
Home » Justice Department sues Visa, claiming card issuer monopolizes debit card market | Business
Regulatory Updates

Justice Department sues Visa, claiming card issuer monopolizes debit card market | Business

3 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr Email Reddit
66f305ef04cd9.image .jpg
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link

NEW YORK (AP) — The U.S. Justice Department has filed an antitrust complaint against Visa, alleging that the financial services giant uses its size and dominance to stifle competition in the debit card market, costing consumers and businesses billions of dollars.

The complaint filed Tuesday claims that Visa penalizes merchants and banks that don’t use its own payment processing technology to handle debit transactions, even though alternatives exist. Visa collects additional fees on each transaction processed on its network.

According to the Justice Department’s complaint, 60% of debit transactions in the United States occur on Visa’s debit network, allowing it to charge more than $7 billion in fees each year for processing those transactions.

“We allege that Visa has unlawfully amassed the power to charge fees that far exceed what it could charge in a competitive market,” Attorney General Merrick B. Garland said in a statement. “Merchants and banks pass these costs on to consumers, either by raising prices or reducing quality or service. As a result, Visa’s unlawful conduct affects not just the price of one thing, but the price of almost everything.”

The Biden administration has aggressively targeted American companies that it says act as middlemen, such as Live Nation, parent company of Ticketmaster and the real estate software company Actual pageaccusing them of charging Americans insane fees and engaging in anticompetitive behavior. The administration has also leveled accusations of monopolistic behavior against tech giants like Apple and Google.

According to the DOJ complaint filed in the U.S. District Court for the Southern District of New York, Visa exploits the large number of transactions on its network to impose volume commitments on merchants and their banks, as well as on financial institutions that issue debit cards. This makes it difficult for merchants to use alternatives, such as lower-cost or smaller payment processors, instead of Visa’s payment processing technology without incurring what the DOJ described as “disloyalty penalties” from Visa.

The Justice Department said Visa also stifled competition by paying to enter into partnership agreements with potential rivals.

Since the pandemic, more consumers around the world have been buying goods and services online, which has translated into increased fee revenue for Visa. Even traditionally cash-intensive businesses like bars, hairdressers and coffee shops have started accepting credit or debit cards as payment, often via their smartphone.

Visa, based in San Francisco, did not immediately comment.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Encourage regulatory advancements in Fintech for accelerated growth – FF News

August 2, 2025

Nicaragua enhances its Fintech ecosystem through an updated regulatory framework.

July 27, 2025

European News: Top 5 iGaming Solutions for a Fast Start in 2025 – SBSB Fintech Lawyers Recommend Leading Experts in Gaming, Finance, and Crypto Law

July 25, 2025
Leave A Reply Cancel Reply

Latest news

The funding for the financial automation agent rises by $500 million.

August 3, 2025

Kuvi.ai introduces the private beta of its agency financing system

August 2, 2025

The new legislation provides AI testing facilities for U.S. financial organizations.

August 2, 2025
News
  • AI in Finance (1,432)
  • Breaking News (161)
  • Corporate Acquisitions (66)
  • Industry Trends (184)
  • Jobs Market News (298)
  • Market Insights (194)
  • Market Rumors (260)
  • Regulatory Updates (155)
  • Startup News (965)
  • Technology Innovations (156)
  • X Feed (1)
About US
About US

FintechBits is a blog delivering the latest news and insights in fintech, finance, and technology. We cover breaking news, market trends, innovations, and expert opinions to keep you informed about the future of finance

Facebook X (Twitter) Instagram Pinterest Reddit TikTok
News
  • AI in Finance (1,432)
  • Breaking News (161)
  • Corporate Acquisitions (66)
  • Industry Trends (184)
  • Jobs Market News (298)
  • Market Insights (194)
  • Market Rumors (260)
  • Regulatory Updates (155)
  • Startup News (965)
  • Technology Innovations (156)
  • X Feed (1)
Happening Now

November 28, 2024

“ Intentionally collaborative ”: how the Rotman school of U of T leads Innovation Fintech

February 6, 2025

‘1957 Ventures’ to Drive FinTech Innovation in Saudi Arabia

September 10, 2024
  • About FintechBits
  • Advertise With us
  • Contact us
  • Disclaimer
  • Privacy Policy
  • Terms and services
  • BUY OUR EBOOK GUIDE
© 2025 Designed by Fintechbits

Type above and press Enter to search. Press Esc to cancel.