DOJ sues Visa over debit card market monopoly [Yahoo! Finance]
Mastercard Incorporated (MA)
Last mastercard incorporated earnings: 4/29 08:00 am
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Source: Yahoo! Finance
According to the DOJ's complaint, more than 60% of debit card transactions in the U.S. run on Visa's debit network, which allows the company to charge over $7 billion in fees each year for processing those transactions. It also accuses Visa of illegally maintaining its monopoly power by insulating itself from competition. As an example, the DOJ said Visa uses exclusionary agreements on merchants and banks using its debit card services, which allows it to lock up debit card transaction volumes while it "insulates itself from competition, and smothers smaller, lower-priced competitors." "We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market," Attorney General Merrick Garland said in a statement. "Merchants and banks pass along those costs 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 near
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News
- US holiday spending on buy now, pay later to hit record due to debt-laden shoppers [Yahoo! Finance Canada]Yahoo! Finance Canada
- Global Interoperability: Digital Wallets' Next Challenge [Forbes]Forbes
- Rare elements powering the future, robo financial advice, path to EU citizenship: Catch up on the day's stories [CNN]CNN
- DOJ's Visa antitrust lawsuit alleges debit card company monopoly [USA TODAY]USA TODAY
- Rare elements powering the future, robo financial advice, path to EU citizenship: Catch up on the day's stories [CNN]CNN
MA
Earnings
- 8/1/24 - Beat
MA
Sec Filings
- 9/23/24 - Form 4
- 9/20/24 - Form 144
- 9/18/24 - Form 4
- MA's page on the SEC website