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Australia court fines Visa arm US$12.6m, cites anti-competitive conduct

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Australia's federal court has ordered a subsidiary of credit and debit card issuer Visa Inc to pay a fine of A$18 million (US$12.55 million) for blocking a rival currency conversion service on its payment terminals.

[SYDNEY] Australia's federal court has ordered a subsidiary of credit and debit card issuer Visa Inc to pay a fine of A$18 million (US$12.55 million) for blocking a rival currency conversion service on its payment terminals.

The proceedings were brought by the Australian Competition and Consumer Commission (ACCC). The agency said in a statement that the domestic arm of Visa Worldwide infringed competition blocking a rival currency conversion service on its payment network between May and October 2010.

The court also ordered that Visa pay the ACCC A$2 million in legal costs.

Visa did not immediately respond to an email seeking comment outside normal working hours.

REUTERS

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