Banking News

‘Unlawful price fixing’ levelled against Visa and Mastercard

‘Unlawful price fixing’ levelled against Visa and Mastercard

(24 February 2021 – Global) Intuit has filed a federal lawsuit against Mastercard and Visa over 'unlawful' price fixing in interchange and card scheme fee structures.

Intuit, which has multiple roles in the payments business as a card accepting merchant, independent sales organisation and payment facilitator, alleges that it has incurred billions of dollars in costs over a 17-year period as a result of the card networks' pricing.

The suit, which is seeking unspecified damages, claims that Visa and Mastercard have deliberately skirted around Durbin interchange caps and also operated a cartel through their honour all cards rules, which requires merchants to accept all network-branded cards rather than just one of their choice.

Visa and Mastercard have yet to comment on the allegations.

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