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3/19, 4:17 PM (Source: TeleTrader)
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Visa-0.72%

230.41
Chart for: Visa Inc

DOJ probes Visa over network fees malpractice

The United States Justice Department is investigating the largest US card network, Visa, over engaging in anticompetitive activity in regards to the network fees, The Wall Street Journal reported on Friday, citing sources familiar with the matter.

The cause for investigation is the department's suspicion on whether Visa had limited businesses' from routing debit-card transactions over card networks that are often less expensive. The transactions in question are both for online and in-store purchases.

The network fees at the center of the probe are profitable for card companies but weigh hard on merchants, who thereafter include the fees into product prices.

Breaking the News / LH