美国司法部指控VISA阻止竞争

The U.S. Department of Justice (DOJ) has brought a lawsuit against Visa. It is accusing the financial services company of using illegal methods to block competition in the debit card market.

The lawsuit states the San Francisco-based company penalizes businesses and banks that do not use Visa's own payment processing technology.

The DOJ argues that Visa's anti-competition methods cost individuals and businesses billions of dollars every year. Visa earns money for each purchase, or transaction, processed on its own network.

The DOJ estimates about 60 percent of debit transactions in the U.S. take place on Visa's debit network. This adds up to more than $7 billion each year.

In a statement, Attorney General Merrick Garland said the DOJ found that Visa had unlawfully gained enough power to charge money, or fees, “that far exceed what it could charge in a competitive market.”

Garland added that businesses and banks then pass those costs on to consumers. They either raise prices or reduce quality or service. As a result, Visa's business methods affect “not just the price of one thing – but the price of nearly everything.”

Julie Rottenberg is Visa's chief legal counsel. She said in a statement that the lawsuit does not consider the “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,” Rottenberg said. She added that the company would strongly defend itself against the “meritless” lawsuit.

The lawsuit was brought in the U.S. District Court for the Southern District of New York. The DOJ argues that the huge number of transactions completed on Visa's network makes it difficult for businesses to use alternative companies.

The DOJ also accuses Visa of blocking competition by paying to enter into partnership agreements with possible competitors.

In 2020, the DOJ brought legal action to block the company's $5.3 billion purchase of financial technology startup Plaid. It argued the takeover was an attempt to gain control of a possible competitor to Visa. The purchase deal was later cancelled.

Since the pandemic, more people worldwide have been shopping online for goods and services. This has led to higher earnings for Visa because of its fee structure for transactions. In addition, more businesses – including ones like bars, haircutters and coffee shops that mostly use cash – have started accepting credit or debit cards as a form of payment.

Sanjay Sahrani is a financial advisor with investment company KBW based in New York City. He recently told investors in a note that he estimates U.S. debit revenue is at most about 10 percent of Visa's revenue. Sahrani said this means the lawsuit is likely to have only a limited effect on Visa's revenue as a whole. He also noted the lawsuit could last for years if it is not settled and goes to trial.

Financial records show Visa processed $3.3 trillion in transactions on its network during the three months ending on June 30. This was an increase of 7.4 percent from a year earlier. U.S. payments grew by 5.1 percent, which is a lot faster than U.S. economic growth.

I'm Bryan Lynn.

The Associated Press reported this story. Bryan Lynn adapted the report for VOA Learning English.

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debit – n. money taken out of a bank account with a card

penalize – v. to punish a person or business for breaking a law or rule

charge –v. to create a debt in an account or to ask a price or fee

exceed – v. to be more than a particular number or amount

thrive – v. to grow very well, or to become very healthy or successful

meritless – adj. without merit: good qualities that deserve praise

alternative – n. one or two or more things you can choose between

cash –n. physical money known as legal tender

revenue –n. money that is paid to a business or organization