Mastercard reports U.S. antitrust probe of debit card program

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abhishek012

Mastercard reports U.S. antitrust probe of debit card program:

The company in a filing said it had received a civil investigative demand, the civil equivalent of a subpoena, from the Justice Department's Antitrust Division. The filing did not specify the government's concern beyond saying it had to do with its U.S. debit program and competition with rivals.

Mastercard Inc on Thursday said the U.S. Justice Department was conducting an antitrust investigation of its U.S. debit program and competition with other payment networks.

The company in a filing said it had received a civil investigative demand, the civil equivalent of a subpoena, from the Justice Department's Antitrust Division. The filing did not specify the government's concern beyond saying it had to do with its U.S. debit program and competition with rivals.

"Mastercard is cooperating with the DOJ in connection with the CID," the company said in the filing.

The Justice Department declined to comment.

Visa Inc in January said the Justice Department had sought documents from it about U.S. debit card practices and competition with other payment networks.

The probe, which began in early 2021, followed reports the United States was investigating whether the credit card company uses anticompetitive practices in the debit card market.

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Arre par yehi toh rupay ki complaint kar rahe the. Toh US ne inpe hi case thok diya? Ya kuch aur hi ho raha hai idhar? 

Finance Ninja Finance Ninja
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US merchants now dnt like Visa and Mastercard.

Mai kab se yeh bill pass hone ka wait kar raha hu, US k congress me -

S.4674 - Credit Card Competition Act of 2022 117th Congress -

The Credit Card Competition Act of 2022 aims to change that. The legislation, proposed by U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Roger Marshall, M.D. (R-KS), seeks to expand competition within the credit card network market.

Passing the CCC Act means a decrease in swipe fees across the credit card industry, the biggest benefit for businesses. Both large and small companies will be able to save money on processing fees because of the flexibility to choose a network with lower fees to help cut costs.

Source - https://www.congress.gov/bill/117th-congress/se...

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