Antitrust enforcers alleged in a complaint filed in Manhattan federal court on Sept 25 that Visa, which handles more than 60 per cent of the more than US$4 trillion (S$5.14 trillion) in US debit transactions each year, entered into a series of agreements penalizing merchants who sought to use alternatives and paid potential rivals to stay out of the market.
âVisa's unlawful conduct affects not just the price of one thing but the price of everything,â Attorney-General Merrick Garland told reporters in Washington in announcing the lawsuit. âVisa is charging a hidden toll on each of trillions of transactions.â
Visa is the largest of the payment networks in the US and collects some US$7 billion in yearly fees on both debit transactions and so-called âcard not presentâ transactions, where customers use their debit card number online or in apps, according to the complaint.
In its agreements with merchants, the Justice Department said, Visa imposed an anti-competitive pricing structure that essentially forced them to route all debit transactions through its network or face stiff penalties.
Visa also entered into agreements with technology companies including PayPal, Apple and Block, which were developing products that would have challenged its stranglehold over payment networks, paying them hundreds of millions of dollars to stay out of the market, the agency said.
Visa shares closed down 5.5 per cent to US$272.78 on Sept 25.
ãã®èšäºã¯ The Straits Times ã® September 26, 2024 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã ?  ãµã€ã³ã€ã³
ãã®èšäºã¯ The Straits Times ã® September 26, 2024 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã? ãµã€ã³ã€ã³
Investors look to Meta event for next stock rally catalyst
Meta's annual Connect conference kicked off on Sept 25, with industry buzz around the reveal of a prototype augmented reality eyewear product, plus the usual star turn by chief executive Mark Zuckerberg. Attendees want to hear the CEO's latest updates on artificial intelligence applications and investment.
US sues Visa in antitrust case over debit card payments
The US Justice Department has sued Visa, alleging the global payments giant illegally monopolized the debit card market, in the Biden administration's first major antitrust case in the financial services industry.
Citibank to close its last branch in Singapore on Oct 12
Move comes as it shifts focus to serving customers online and at wealth hubs
China, HK stocks rise again, buoyed by stimulus plan
Real estate, broker sectors lead rally in China; HK-listed mainland developers gain
Hong Kong planning to cut tax on spirits in bid to revive nightlife
Hong Kong is planning to lower the amount of tax it levies on spirits, according to people familiar with the matter, as the Asian financial centre seeks to regain its edge as a premier destination for nightlife, dining and shopping.
Miniso's bid to buy stake in supermarket leads to fall in founder's wealth
Until recently, China's budget retail billionaire Ye Guofu had been on a roll, building his fortune as his stores proved a hit in the nation's slowing economy.
STI falls 1.1% as traders take stock of China's stimulus measures
â Gainers outpace losers 302 to 289 on trade of 1.4b securities â Mapletree Pan Asia Commercial Trust tops STI â Three local banks continue drop; regional indexes mixed
No S'pore families affected by China halting foreign adoptions
Agents say China adoptions not popular with couples here, given the long wait
Jail, caning for man who pulled knife on stranger, bit officer
A man pulled a knife on a stranger at a shop on the first floor of a Housing Board block because he thought the stranger was staring at him.
More help for vulnerable youth, families affected by incarceration
3 new project groups part of efforts by Malay/ Muslim Organisations rehab network