Visa sued by US in antitrust case over debit card markets

Quick Summary:

Antitrust enforcers alleged that Visa entered into agreements penalising merchants who sought to use alternatives.

Concerned that the law would generate competition and harm its dominant position in the debit market, Visa began to require merchants to enter into agreements with onerous terms.

The Justice Department alleged the company used “cliff pricing,” charging merchants significant fees on transactions unless they routed the vast majority of them to Visa, at which point they would get a discount.

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Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: Paypal Debit Transactions Justice Fees Merchants Networks Antitrust Visa Department Complaint

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-25 @ 08:32:20 (3 days ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 1020 words

Reading Time: 6 minutes read

Sentences: 38 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 22701419

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About The Straits Times

Main Topics: EconomyBusiness

Official Website: straitstimes.com

Update Frequency: 7 posts per day

Year Established: 1845

Headquarters: Singapore

News Last Updated: 14 hours ago

Coverage Areas: Singapore

Ownership: Independent Company

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Publisher ID: #25

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