The Justice Department Takes On Visa

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.2 • 5.3K Ratings

🗓️ 30 September 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Department of Justice is taking Visa, the largest card network in the U.S., to court, accusing the company of illegally monopolizing the debit card market. WSJ's Angel Au-Yeung breaks down the Justice Department's allegations. Further Listening: - The Unusual Economics of the Bilt Credit Card - The Deal That Could Change Credit Cards - The Trustbuster Taking on Ticketmaster Further Reading: - Justice Department Sues Visa, Alleges Illegal Monopoly in Debit-Card Payments - Google Faces Blockbuster Antitrust Case—Again - Getting Oasis Tickets Was a Nightmare. Ticketmaster Is Again Being Asked for Answers. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	If you pull out your wallet and take a look at your debit cards, what logo do you see in the lower right corner?
0:11.0	I asked our colleague Angel
0:15.3	Al-young the same question. Angel do you have your wallet on you planning
0:19.7	chances? Yeah I do I think. Yeah.
0:23.0	If you wouldn't mind pulling out maybe two or three cards that you have there and naming the network on each card.
0:30.0	BISA and BISA.
0:32.0	Yeah. Visa and Visa. Visa.
0:33.0	Yeah.
0:35.0	Nothing else just Visa.
0:37.0	I mean I have an Amex card from the journal.
0:40.0	But Visa and Visa.
0:42.0	Wow.
0:44.0	Odds are you're like Angel.
0:47.0	Most of your cards will also be visa cards.
0:50.0	That's because Visa owns the largest payments network in the US.
0:55.0	It connects tens of thousands of banks to millions of businesses,
0:59.0	facilitating everyday transactions.
1:01.0	Visa dominates the debit market,
1:05.0	But how the company became so dominant is contentious.
1:08.0	And it's part of a new antitrust lawsuit
1:12.0	from the Department of Justice.
1:16.8	Last week, Attorney General Merrick Garland
	...

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