US accuses Visa of debit card monopoly
US accuses Visa of debit card monopoly
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.
Believe or not the fee won't go down
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.
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.
J’ACCUSE!
That's interesting, I've only ever had Visa for credit cards and MasterCard for debit. I didn't even know Visa did debit.
It's really about where you bank. Never had master always visa over the last 20 years with 3 different banks.
They both do both usecases.