V News Explorer

Senate Judiciary Committee members say the 'duopoly' has left retailers with no ability to negotiate high interchange fees.

Visa released a new report detailing the emerging scams targeting consumers and travelers, including the emergence of "digital pickpocketing" and scams involving fake airline bookings.

Paul Pelosi, the husband of former House Speaker and current California Rep. Nancy Pelosi, sold 2,000 shares of Visa a few months before the company was sued by the government.

The Department of Justice said Visa's actions had slowed competition and raised prices across the economy.

The U.S. Department of Justice sued Visa for alleged antitrust violations on Tuesday, accusing one of the world's largest payment networks of suppressing competition by threatening merchants with high fees and paying off potential rivals. Visa processes more than 60% of debit transactions in the U.S., bringing it $7 billion each year in fees collected when transactions are routed over its network, the Justice Department said. The company protects that dominance through agreements with card issuers, merchants, and competitors, prosecutors allege.

Visa and its smaller rival MasterCard have surged in the past two decades, reaching a combined market cap of roughly $1 trillion.

The financial giant, which processes the majority of debit card spending in the United States, unfairly imposed fees on merchants and deterred rivals, the Justice Department said.

The Justice Department filed a lawsuit against Visa on Tuesday, alleging the financial services giant used its clout to maintain a monopoly over the U.S. debit card market.

The Justice Department is expected to sue the global payments giant as soon as Tuesday, accusing the company of stifling competition.

The agency plans to argue that the company illegally penalizes customers that try to use rival payment processors.

Visa said it plans to launch a dedicated service for bank transfers, skipping credit cards and the traditional direct debit process.