The U.S. Department of Justice accuses Visa of illegally monopolizing the debit card market

ChainCatcher news, according to CNN, the U.S. Department of Justice (DOJ) has filed an antitrust lawsuit against payment giant Visa, accusing it of monopolizing debit card payments. U.S. Attorney General Merrick Garland stated in a press release, "We accuse Visa of illegally accumulating the power to charge fees that far exceed what it could charge in a competitive market."

Visa responded that the lawsuit is baseless and will defend itself in court. Visa stated that it faces increasingly fierce competition, especially online.