According to BlockBeats, on September 25, Cointelegraph reported that the U.S. Department of Justice (DOJ) filed an antitrust lawsuit against payment giant Visa, accusing it of monopolizing debit card payments. A complaint filed yesterday in the New York Federal Court stated that Visa used exclusive agreements and threats of penalties against suppliers to prevent competitors from infringing on its market share. Visa reportedly has a 60% market share in the U.S. debit card transaction field, earning $7 billion in transaction fees alone.

The complaint also alleges that Visa used its market size and corporate holdings to lure potential competitors into partnerships, which it said would be consistent with the Justice Department’s allegations that Visa’s practices led to higher prices for consumers even as substitutes entered the market.

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