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Class Action,
Banking

Dec. 16, 2024

Putative class says Visa aims to monopolize debit card processing

The lawsuit, filed Wednesday in federal court in San Francisco, claimed that Visa charges higher "rack rates" to merchants that offer debit card users alternatives to Visa's debit network and "pays its potential debit network competitors to not create or promote completive products."

Visa Inc. was accused in a putative class action of "snuffing out" competition for debit card transaction processing by making deals with financial technology companies such as Apple, PayPal, and Square and penalizing merchants that seek alternative processing networks.

Visa has defended its expansion into digital wallet transactions and said its partnerships are good for business. In federal litigation over similar claims, it has denied charges of wrongdoing.

T...

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