US Department of Justice files lawsuit against Visa for alleged ”payment monopoly” that could lead to higher prices for consumers

The U.S. Department of Justice (DOJ) has filed an antitrust lawsuit against payments giant Visa, alleging that the company operated a debit payments monopoly.
In a complaint filed in federal court in New York on the 24th (local time), the Department of Justice alleges that Visa is allowing competitors to infringe on its market share.
The lawsuit claims that Visa is stifling competition through exclusivity agreements and threats of punishment to prevent businesses from using its services. Visa has a 60% market share in the U.S. debit transaction sector, which means it makes $100,000 from transactions alone.
"Visa's actions were monopolistic and led to inflated prices," Attorney General Merrick Garland said in a statement.
"Visa has unlawfully amassed power that allows it to collect fees significantly higher than it could have charged in a competitive market," the lawsuit said.
This causes merchants and banks to pass on the costs to consumers, which leads to higher prices and lower quality and service.
As a result, the argument goes, Visa's misconduct doesn't just affect the price of one product, it affects the prices of nearly all products.
The complaint also alleges that Visa used its market size and corporate assets to attract potential competitors to its business.
The lawsuit also includes allegations that Visa's actions would lead to higher prices for consumers.