Justice Department accuses Visa of debit network monopoly that impacts price of 'nearly everything’

About time.

For reference, visa charges about 1.5%-3.5% on everything.

Oh, plus ten cents for every transaction, because fuck you, that's why.

DOJ is really going at it lately.

I can't wait to hear about the outcome of this litigation in 20-25 years.

10 years ago they decided to block payments to Wikileaks. Abuse of their monopoly was already obvious back then.

Visa should be nationalized. Let the government run the payment processing if we are only going to have only one.

The DOJ isn't going after this, but VISA is also the source of all these fucking porn bans on like Tumblr and shit because if you want to be able to use their payment processing, you also have to follow their fucking puritan ass values.

Honestly, if this kicks that secondary issue in its ass, that's amazing.

I wonder what the world would be like if that IBM source code which is the backbone for all financial transactions and payment gateways weren't tightly controlled proprietary tech.

More fraud maybe, but less nickel and dime trickle upwards.

These network transactions cost between 2 to 4 % for merchants, which is a cost passed to consumers by businesses raising prices. That's a fairly large "inflation", and certainly it seems out of line with the effort they out into it. It's anticompetitive practices that keep it in place.

Well after living through 2008, I am convinced the DoJ will magically forget about thise whole thing in a few years lol.

What isn't a monopoly anymore? Which doesn't make their ultimate goal is to fuck people to make a profit. Latest one that hit me hard is cat car manufacturers selling people's data to the insurance companies and people are getting insurance price bike hike(fuck you, Google and fuck your fucking keyboard) for no reason.

I honestly thought MasterCard was bigger, but maybe that's true here. 🤷

Yessss