“More than 60% of debit transactions in the U.S. run over Visa rails, helping it charge more than $7 billion annually in processing fees, according to the DOJ complaint.”
Debit moves money you already have from your bank to a store. Visa takes $7 billion a year for that, and merchants pass it on in every price tag. Visa’s general counsel answers that the debit space is “growing, with entrants who are thriving.” A federal judge already tossed a Visa and Mastercard fee settlement this year for being too cheap.