Visa may face antitrust lawsuit

The US Department of Justice is preparing to bring an antitrust lawsuit against Visa over its control of the debit card market, according to a Bloomberg report, citing anonymous sources. The Justice Department reportedly plans to announce “broad” charges against the country’s dominant bankcard company as soon as Tuesday, accusing Visa of making exclusive agreements to suppress competition from rivals and to prevent tech companies from entering the market. The monopoly investigation began with probes into Visa’s unsuccessful attempt to acquire financial services company Plaid in 2021, per Bloomberg.