Justice Department accuses Visa of debit network monopoly that impacts price of 'nearly everything’

DOJ is really going at it lately.

I can't wait to hear about the outcome of this litigation in 20-25 years.

Visa should be nationalized. Let the government run the payment processing if we are only going to have only one.

The DOJ isn't going after this, but VISA is also the source of all these fucking porn bans on like Tumblr and shit because if you want to be able to use their payment processing, you also have to follow their fucking puritan ass values.

Honestly, if this kicks that secondary issue in its ass, that's amazing.

These network transactions cost between 2 to 4 % for merchants, which is a cost passed to consumers by businesses raising prices. That's a fairly large "inflation", and certainly it seems out of line with the effort they out into it. It's anticompetitive practices that keep it in place.

I wonder what the world would be like if that IBM source code which is the backbone for all financial transactions and payment gateways weren't tightly controlled proprietary tech.

More fraud maybe, but less nickel and dime trickle upwards.

About time.

For reference, visa charges about 1.5%-3.5% on everything.

Oh, plus ten cents for every transaction, because fuck you, that's why.

Well after living through 2008, I am convinced the DoJ will magically forget about thise whole thing in a few years lol.

Yessss

I honestly thought MasterCard was bigger, but maybe that's true here. 🤷