Visa Hit With Antitrust Suit Claiming Electronic Payment Monopoly

Visa Inc. is facing an antitrust suit claiming the company monopolized the electronic payments market and blocked competition from rival credit and debit card processing businesses.

MiCamp Solutions LLC, an Arizona provider of electronic credit and debit card services, said in a proposed class action filed in the US District Court for the Northern District of California Dec. 8 that Visa obtained “substantial market power in the payment processing marketplace” by setting interchange fees for general purpose debit card and credit card network services at “artificial, supra-competitive levels.”

The case is the latest antitrust suit against San Francisco-based Visa and ...