The US Justice Department sued Visa Inc. Tuesday, alleging the global payments giant illegally monopolized the debit card market, in the Biden administration’s first major antitrust case in the financial services industry.

The Department of Justice (DOJ) filed an antitrust lawsuit against Visa. The lawsuit alleges that the financial firm holds a monopoly over debit network markets allowing it to charge banks and markets with exorbitant fees that get passed onto consumers and keep rival companies like PayPal and Square from competing on their level.

The U.S. Department of Justice has filed an antitrust lawsuit against Visa, alleging that the debit card corporation uses its dominance in the industry to conduct an illegal monopoly practice for debit card payments that costs businesses and customers billions of dollars.

The US Justice Department sued Visa Inc. over an antitrust matter, according to a filing in federal court in Manhattan.

The Department of Justice (DOJ) has filed an antitrust lawsuit against Visa, accusing the financial giant of maintaining a monopoly over debit network markets, as reported by Bloomberg. The lawsuit claims Visa’s control allows it to charge high fees to banks and merchants,