Reports: U.S. Justice Department to sue Visa (V.US) for monopolizing debit card market

U.S. Justice Department plans to sue Visa (V.US), the world's largest payment network operator, alleging it illegally monopolized the U.S. debit card market, according to people familiar with the matter.

The antitrust division is expected to file the lawsuit against Visa in federal court as early as Thursday, the sources said.

The sources said the Justice Department's antitrust division sent Visa a request for documents and information in 2023 regarding its U.S. debit card business and its competition with other payment networks. The investigation began in 2021, when Visa said it believed its debit practices were in compliance with applicable laws.

Discover Financial Services' Pulse Network settled a lawsuit against Visa earlier this year, alleging Visa had blocked competition in the $100 billion debit card network services market, forcing merchants to pay higher fees.