Why the Justice Department says Visa has monopoly over debit cards

The Justice Department sued Visa on Tuesday, accusing the credit card business of reaping big profits by shutting out rival payment processors and passing on costs to consumers. CBS News legal contributor Jessica Levinson joins to unpack the antitrust allegations and what they could mean for the credit giant.

[BusyBodyVisa]

As a small business owner I can tell you payment processing fees add up. I pay close to 1, 000 a mont in processing fees to Stripe

[Go-Getter]

90% of my swipes are AMEX and Discover. I may start swiping Visa again to help them with their alleged monopoly.

[desimutebs]

At one point people are gonna get tired of this extensive cooperate greed

[Rico]

👀 As a Gen-X, I don't exactly remember when I first started using credit cards, but I know Visa & Mastercard have been around for A WHILE--since the late 80's. The fact that this lawsuit is just now surfacing is crazy to me. 😳

[xavierfull]

This is more of the same: powerful companies get caught stealing people's money, but no one goes to jail, they just pay a fine and you can continue doing the same thing later. This is the greatness of America.

[Johnwicker]

Sue pharmacy benefit manager for paying pharmacies negative on brands drugs. And pbm force pharmacies to dispense brands even though generics are available for Medicare insurance.

[jbranche]

So they will fine Visa X million but Visa would have made 2x, 3x, or more in profit on the transactions. As soon as you require any changes to make it more fair for Square and other payment platforms Visa will hold a meeting and start strategizing to find any loophole or way to game the system again.

[ctjk]

0:58 what this lady just said is the reason why rents are so high. and why in places where rent control is a thing why landlords want to raise the rent the way they do.

[chris]

Yeah the corner store charges another 55 cents just for using card.

[Eclipse-lwvf]

isnt the reason many companies wont use AMEX is because they charge like 10%... kinda odd imo..

[madbillin]

Idk I want to call Bull sh*t. Why now ? Also who forced merchants to pass costs to customers. It’s all a mess and I’m sure Visa is not the only guilty party in the vast financial history of American conglomeracy

[willgainer]

The US government is a Knight that promise the people they will slay the dragons who are greedy businesses, and then they proceed to only scratch the dragon as a warning

[upupandaway]

Greed greed greed, the core of American business.

[kaindabadguy]

How long have all corporations been involved in this behavior without any governmental interference?

[Imtrynnn]

Man, at this point, if the DOJ rules that I’m gay, I’m going to think that I AM gay 😂

[ebfqjmv]

Finally!
Not sure why this took so long.

[crazybellagirl]

Never pay anything to the visa card, no fee

[atl]

So why is blackrock & vanguard not bring sued ?😂

[AxelFreeDog-obfg]

My debit card isnt visa. Its master card. Why did usa not care for all my life but now they care?

[stevenchapman]

The real question is why did Pulaski's husband dumped the stock right before the lawsuit. 🤔 🧐