The civil antitrust lawsuit alleges that Visa illegally maintains a monopoly over debit network markets by using its dominance to "thwart the growth of its existing competitors and prevent others from developing new and innovative alternatives". More than 60% of debit transactions in the United States run on Visa’s debit network, allowing it to charge over $7 billion in fees each year for processing those transactions. The complaint alleges that Visa illegally maintains its monopoly power by insulating itself from competition. "For example, Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks. These agreements penalise Visa’s customers who route transactions to a different debit network or alternative payment system," says the DoJ. In addition, the complaint claims that Visa smothers smaller competitors or induces them to become partners. In 2020, the DoJ scuppered Visa’s blockbuster $5.3 billion takeover over fintech Plaid, filing suit arguing the acquisition would eliminate a nascent competitive threat to the card scheme’s own business. “We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” says Attorney General Merrick Garland. “Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa’s unlawful conduct affects not just the price of one thing - but the price of nearly everything.” Visa says it will defend itself in court. In a statement, the company’s general counsel Julie Rottenberg states: “Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services. “Today’s lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving.”