The DOJ alleges that Visa’s reason for acquiring Plaid is to take a future competitor out of the market.
It describes Visa as “a monopolist in online debit services, charging consumers and merchants billions of dollars in fees each year.”
Assistant attorney general, Makan Delrahim, says Visa is attempting to acquire Plaid to “deprive American merchants and consumers of this innovative alternative”.
Plaid’s technology allows developers to plug into consumers’ accounts to aggregate spending data, look up balances, and verify financial data.
