Justice Department accuses Visa of debit network monopoly that affects price of 'nearly everything’
Justice Department accuses Visa of debit network monopoly that affects price of 'nearly everything’
Visa and Mastercard have surged over the past two decades, reaching a combined $1 trillion market cap. That has attracted unwanted attention from regulators.
EMVCo has been a terrible monopolistic cartel for decades. They literally control who gets access to the payment network and they can cut you off instantly without a court order - virtually holding the ability of every company on Earth to conduct business at their mercy: if they don't like you, you're dead.
EMVCo is the most egregious and most dangerous global cartel nobody is talking about. And the DoJ only figured that out now? Justice is not just blind, it's also asleep.
2010 Olympics they tried to break their debit system into the Canadian market.
We used Cash or Visa credit cards for the Olympics, their debit system is atrociously predatory. The Interact system is completely superior to any debit system in the US.