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Visa is no stranger to the government’s antitrust scrutiny, but it hasn’t been the focus of a monopoly case. In 1998, the DOJ sued Visa and MasterCard Inc., alleging the two colluded to restrict member banks from doing business with other credit card companies, like American Express Co. Visa on Tuesday called off its planned $5.3 billion purchase of payment-processing technology company Plaid, citing the Justice Department's antitrust lawsuit filed last year to block the deal. Plaid provides the infrastructure that allows consumers and businesses to make payments directly from their bank accounts. Services like Venmo, SoFi, Stripe and TransferWise all use Plaid as a way for FILE- In this April 23, 2018, file photo, the logo for Visa appears above a trading post on the floor of the New York Stock Exchange. Visa Inc. on Tuesday, Jan. 12, 2021 called off its planned $5.3 billion purchase of payment-processing technology company Plaid, citing the Justice Department's antitrust lawsuit filed last year to block the deal. The Department of Justice announced today that Visa Inc. and Plaid Inc. have abandoned their planned $5.3 billion merger.

by Visa’s willingness to spend a hefty $5.3 billion on the Plaid acquisition stems from Visa’s need to protect its lock on the consumer-payment oligopoly (a market dominated by a very few powerful enterprises) by preventing FinTech startups from rendering Visa’s antiquated number-based credit-card payment platform obsolete with smarter innovative payment solutions. 2021-01-12 · Visa has ended its takeover efforts of Silicon Valley start-up Plaid about two months after the Department of Justice filed an antitrust lawsuit on grounds that it would limit competition in the 2020-11-10 · Nov. 10, 2020. The Justice Department's announcement last week it would block Visa's $5.3 billion acquisition of Plaid has the potential to change the landscape of the financial services industry, said Pahl Zinn, an antitrust attorney for Dickinson Wright. "The outcome of this case will decide how the financial services industry might ultimately 2020-11-05 · The Justice Department said in an antitrust complaint filed Thursday in federal court in San Francisco that the deal for Plaid would illegally extend Visa’s dominant position and should be stopped.

Visa Abandons $5.3B Acquisition of Plaid Over DOJ Antitrust

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The Interchange: Plaid-Visa antitrust concerns highlight the

The attorneys cited Visa CEO CHARLOTTE, N.C. -- Visa Inc. on Tuesday called off its planned $5.3 billion purchase of payment-processing technology company Plaid, citing the Justice Department's antitrust lawsuit filed last year to block the deal. Plaid provides the infrastructure that allows consumers and businesses to make payments directly from their bank accounts. -0.23 -2.33% Visa Inc., facing a prolonged antitrust fight with the U.S. Justice Department, walked away from a proposed $5.3 billion acquisition of Plaid Inc. aimed at expanding the card network’s CHARLOTTE, N.C. (AP) — Visa Inc. on Tuesday called off its planned $5.3 billion purchase of payment-processing technology company Plaid, citing the Justice Department’s antitrust lawsuit filed last year to block the deal. Plaid provides the infrastructure that allows consumers and businesses to make payments directly from their bank accounts. Antitrust regulators argued Visa’s acquisition of Plaid would eliminate a nascent competitor offering a “lower-cost option for online debit payments” and “deprive American merchants and consumers Visa $5.3 Billion Plaid Deal Triggers DOJ Antitrust Worries US panel endorses widespread use of Pfizer COVID-19 vaccine Attorney General Bill Barr reportedly knew about the Hunter Biden tax probes The Department of Justice has filed an antitrust lawsuit challenging Visa’s proposed $5.3 billion acquisition of Plaid.

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20 Jan 2020 By Barry Shisgal.

Visa Abandons $5.3B Acquisition of Plaid Over DOJ Antitrust Concerns Visa called off its $5.3 billion acquisition of Plaid, the fintech firm serving as a fiat bridge for a number of crypto and That is largely because its planned $5.3 billion merger with Visa fell apart earlier this month after the Department of Justice filed an antitrust lawsuit. Plaid is a platform that lets you, a 2020-12-02 FILE- In this April 23, 2018, file photo, the logo for Visa appears above a trading post on the floor of the New York Stock Exchange.
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13 Jan 2021 After Visa bid to buy Plaid, politicians and antitrust experts argued the deal would give Visa even more power over how customers and 15 Jan 2021 Visa abandoned its $5.3 billion acquisition of Plaid Inc., a fintech to the deal by the U.S. Department of Justice Antitrust Division (“DOJ”), 12 Jan 2021 In November, the U.S. Department of Justice filed antitrust litigation that alleged Visa's acquisition of Plaid would eliminate competition in the 13 Jan 2021 Visa has called off its decision to acquire Plaid for $5.3 billion following the backlash it faced over antitrust concerns from US regulators. 13 Jan 2021 Plaid got cold feet, sources said, not because of any malfeasance by Visa, but because it knew it was now worth way more than $5.3 billion. 12 Jan 2021 following a U.S. Justice Department lawsuit to stop the deal on antitrust grounds.