DOJ Set to Sue Visa Over Alleged Debit Card Monopoly

The U.S. Department of Justice reportedly plans to sue Visa for allegedly monopolizing the debit card market. The lawsuit, expected to be filed in federal court soon, accuses Visa of anticompetitive practices that prevent competitors from gaining market share.

The U.S. Department of Justice plans to allege that Visa illegally monopolized the country's debit card market, Bloomberg News reported on Monday.

The antitrust division is set to file a lawsuit in federal court as early as Tuesday, accusing Visa of various anticompetitive behaviors, the report said, citing unnamed sources. Antitrust enforcers are preparing to accuse Visa of taking measures to prevent competitors from challenging its dominance in the debit card market, according to the report.

Visa and the DOJ did not immediately respond to Reuters' requests for comment.

(With inputs from agencies.)