The U.S. Justice Department has initiated an antitrust litigation against Visa, alleging that the financial institution has exploited its market domination to stifle competition in the debit card sector, resulting in substantial financial losses for both consumers and businesses.
Visa is accused of penalising merchants and institutions that bypass its payment processing technology for debit transactions, despite the existence of alternatives, in a complaint lodged on Tuesday.
According to reports, Visa receives additional fees for each transaction that is executed on its network. Over $7 billion in processing fees are generated annually by Visa, which processes 60% of U.S. debit transactions, according to the Department of Justice (DOJ).
Attorney General Merrick B. Garland, in a statement, said, “We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market.
“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.”
The Justice Department accused Visa of stifling competition by funding partnership agreements with potential competitors. In 2020, the DOJ filed a lawsuit to prevent Visa’s acquisition of fintech startup Plaid for $5.3 billion. It characterised the acquisition as a monopolistic endeavour to eradicate a competitor to Visa’s extensive payments network. Ultimately, the acquisition was decided to be abandoned. Visa disclosed in a regulatory filing in 2021 that it was collaborating with the DOJ in an investigation into its debit practices.
Frances Ibiefo
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THIS INFORMATION IS FROM THE NIGERIA PORT AUTHORITY FOR AUCTION >Custom Auctions Is Up Again and Granting Nigerians the
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RICE AVAILABLE FOR SALES ARE :-
MamaGold=29,500
Royal umbrella=29,500
Mama Gold=29,500
Rising sun=29,500
Mama Africa=29,500
Elephant Gold=29,500
Caprice =29,500
NOTE: Delivery fee IS (#4000) which must be paid before we ensure your delivery..
*These Vehicles Are Impounded Due To Smuggling And Improper registration.*
*These Vehicles Are Direct Tokunbo and Has Never Been Used In Nigeria.*.For any purchase
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•Toyota Land Cruiser-N1.3m
•Toyota Prado N1.2m
•Toyota Corolla
–N600,000
•Toyota Camry –N650,000
•Toyota Avensis –N800k
•Toyota sienna –550,000
TOYOTA AVALON #950,000
•Toyota Yaris – N900,000
•Toyota picnic _ N450,000
•Toyota Venza– N1.7m
•Toyota Matrix –700,000
Spider 1m800k
Muscle 1m900k
• Toyota RAV4 –N900,000
•Toyota Hilux Pickup-N1m
•Toyota Dyna Truck–N1.3million
•Toyota 4 Runner–N1m
tundra 2.670,000
tacoma 2.5Million
•Toyota Hiace Bus –N1.5m
•Toyota Highlander-N1.2m
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Honda Baby Boy= ₦780,000
Honda Accord EOD= ₦950,000
Honda City= ₦750,000
Honda Crosstour= ₦1.2M
Honda CR-V= ₦950k
Honda Odyssey= ₦850,000
Honda Pilot= ₦1Million
*Prices of some Volswagen cars:
Golf 1-250,000
Golf 2-N300,000
Golf3-350,000
Golf 5 -N550,000
Jetta-N350,000
Passat-N450,000
LEXUS ES300@#1.3 MILLION
LEXUS ES330@#1.6 MILLION
LEXUS ES350@#2 MILLION
LEXUS RX300@#1.7 MILLION
LEXUS RX330@#3 MILLION
LEXUS RX350@#4 MILLION
LEXUS RX400@#3.5 MILLION
LEXUS GX460@#4 MILLION
LEXUS GX470@#5 MILLIONLexus GX460=₦6.6M
Lexus GX470=₦8.4M
Lexus GX570=₦13.8M
Lexus IS-250=₦2.1M
Lexus ES-330=₦1.5M
Lexus ES-350=₦2.6M
Lexus RX300= ₦1.5M
Lexus RX330= ₦2.8M
Lexus RX350= ₦3.2M. BENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000Mercedes-Benz C-Class ₦1.5 million
Mercedes-Benz E-Class ₦1.7 million
Mercedes-Benz G-Class ₦2.5 million
Mercedes-Benz GLK ₦3.5 Million
Mercedes Benz ML350 ₦2.3 million
Mercedes Benz g-wagon ₦125 million.
Range rover vogue 6mill
Range rover sport HSE 4.8m
Land rover 3.3m
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