Press Releases
Visa, Mastercard Continue to Reap the Benefits of Duopoly Power at Small Business’ Expense
WASHINGTON, DC — This week, credit card giants Visa and Mastercard reported quarterly earnings, with Visa seeing its net income for Q4 and full-year 2024 increasing 14% each, while Mastercard reported its Q3 net income increasing to $3.3 billion. Last month, the Department of Justice (DOJ) filed a lawsuit against Visa for “illegally monopolizing” the debit card market. The suit alleges that Visa’s monopoly power has allowed it to impose unfair fees and price hikes on its customers.
Visa and Mastercard are making out with billions in earnings on the backs of small businesses and consumers forced to pay sky-high swipe fees. Visa, Mastercard, and their army of corporate lobbyists want to keep the system rigged in their favor by blocking efforts in Congress to increase industry competition. Congress should put consumers above credit card industry profiteering.”
Accountable.US Liz Zelnick
Accountable.US has raised concerns about Visa and Mastercard’s efforts to block increased competition in the credit card industry. A recent report revealed that credit card industry trade groups, along with Visa and Mastercard, spent a combined $21 million lobbying against the Credit Card Competition Act in the first half of 2024 alone. Despite their opposition, the bill would foster competition and open the door for lower swipe fees, improved security, and additional benefits for consumers and small businesses alike.
