Visa accused by the government. It is already preparing money for the penalty

The US Department of Justice accuses him of monopolistic practices in the debit card payment market.

Visa is the largest payments network in America. More than 60% of transactions go through its cards and systems. This means more than $7 billion a year in commissions for these payments. Such a large reach does not please the American authorities. They accuse Visa of signing illegal contracts with its suppliers and even competitors.

While Visa’s lawyers intend to defend themselves against these accusations, the company itself seems to be aware of the fact that it may lose this case. According to Reuters, the company has already left as much as $1.6 billion in this year’s budget for potential costs related to court judgments in such cases.

Visa’s lawyers disagree with the accusations. They claim that competition in the card payment market is doing very well and the authorities’ accusations are groundless.

When customers choose Visa products, they do so because we deliver a safe, secure and trustworthy solution of the highest quality.

– says Julie Rottenberg, the company’s lawyer.

Visa’s poor practices are not only making their one service more expensive. Practically the entire market’s offering is becoming more expensive.

– accuses the payment giant Merrick Garland, a representative of the Department of Justice.

The basis of the indictment is supposed to be contracts concluded by Visa with such giants as Apple and PayPal. It is in these contracts that provisions were found that severely limit access to competitors’ services, for example in Apple products.

See: Mastercard and Visa have problems. Billions in the background