Visa’s stock price slid Friday as the feds reportedly probed the finance giant’s dominance in the debit card market.
Shares in the payment processor tumbled …
Visa’s stock price slid Friday as the feds reportedly probed the finance giant’s dominance in the debit card market. Shares in the payment processor tumbled as much as 5.3 percent to $208.89 after The Wall Street Journal reported that the US Justice Department’s antitrust division has the company in its crosshairs. Investigators are examining whether Visa prevents merchants from routing debit card transactions through rival payment networks that often charge cheaper fees, according to the paper, which cited unnamed people familiar with the matter. The feds are reportedly weighing whether Visa is using these practices to maintain its grip on an industry that rakes in billions of dollars in fees a year. Visa’s total payment volume totaled $8.
