The U.S Justice Department is scrutinizing Visa Inc.’s deals with banks enticing them to process more online debit-card transactions over its network, reports Bloomberg. Potential repercussions of the investigations could fall into millions of stores, restaurants, and other merchants across the country.
The deals with banks were cited in the Justice Department’s lawsuit last year seeking to block Visa’s proposed takeover of Plaid Inc.
Visa acknowledged the inquiry in a regulatory filing last month without elaborating on the specific issues at hand.
Visa said it would cooperate with the investigation and that it believes the business is “in compliance with applicable laws.”
There is no indication that banks are also subjects of the probe and the scrutiny may not result in any accusations of wrongdoing.
Visa stock is currently gaining. V: NYSE is up 0.14% on premarket.
