The lawsuit is not about credit cards or instant electronic fund transfers.
Visa (and MasterCard as well) have colluded with banks in multiple countries (not just in the US) to eradicate national debit card payment networks that cost consumers either $0 or a very small flat fee per a transaction (e.g. $0.10) and replace them with their own branded debit cards that attract fees for the consumer, for the merchant and generate revenue for the payment network. The revenue is tiered (e.g. premium debit cards attract higher interchange fees that go directly to Visa/MC), hence the proliferation of Platinum debit cards. And consumers are now left with debit card transaction surcharges that have been passed on to them whereas Visa is profiteering from every single party involved in the end to end payment processing.
National debit card payment networks are now dead, courtesy of Visa/MC.
Visa (and MasterCard as well) have colluded with banks in multiple countries (not just in the US) to eradicate national debit card payment networks that cost consumers either $0 or a very small flat fee per a transaction (e.g. $0.10) and replace them with their own branded debit cards that attract fees for the consumer, for the merchant and generate revenue for the payment network. The revenue is tiered (e.g. premium debit cards attract higher interchange fees that go directly to Visa/MC), hence the proliferation of Platinum debit cards. And consumers are now left with debit card transaction surcharges that have been passed on to them whereas Visa is profiteering from every single party involved in the end to end payment processing.
National debit card payment networks are now dead, courtesy of Visa/MC.