(Reuters) – Visa Inc (N:) on Thursday said the Federal Trade Commision (FTC) has initiated an inquiry into whether the payments processor’s actions prohibited merchants from using other debit payment networks.
Bloomberg Law reported https://news.bloomberglaw.com/banking-law/visa-mastercard-draw-ftc-inquiry-over-debit-card-transactions on Wednesday the regulator was investigating whether Visa and rival Mastercard Inc (N:) blocked retailers from routing card transactions over alternative networks such as Pulse, NYCE and Star.
Visa in a regulatory filing https:// said it received a letter from the FTC on Nov. 4, and the company is cooperating with the bureau.
Mastercard did not immediately respond to a Reuters request for comment on Thursday.
The inquiry could spell fresh trouble for the world’s two largest payments processors which settled a European Union antitrust probe in April this year over card fees.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.