Visa discloses FTC probe on debit transactions
[BENGALURU] Visa Inc on Thursday said the Federal Trade Commision (FTC) has initiated an inquiry into whether the payments processor's actions prohibited merchants from using other debit payment networks.
Bloomberg Law reported on Wednesday the regulator was investigating whether Visa and rival Mastercard Inc blocked retailers from routing card transactions over alternative networks such as Pulse, NYCE and Star.
Visa in a regulatory filing said it received a letter from the FTC on Nov 4, and the company is cooperating with the bureau.
Mastercard did not immediately respond to a Reuters request for comment on Thursday.
The inquiry could spell fresh trouble for the world's two largest payments processors which settled a European Union antitrust probe in April this year over card fees.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Australia banks shower investors with A$5 billion in buybacks
Bank of Japan’s Ueda signals chance of policy action if yen moves affect inflation
Fed’s Kashkari says rates likely on hold for ‘extended period’
FTX has billions more than needed to pay bankruptcy victims
UOB Q1 profit down 1.6% to S$1.49 billion
AI risks to financial stability are already a central bank worry