Visa Faces Aussie Watchdog's Antitrust Suit

Law360, New York (February 4, 2013, 4:57 PM EST) -- Australia’s competition regulator alleged Monday that Visa Inc. used its market power to prevent businesses in Australia and abroad from offering on-site currency conversion services to foreign customers.

A lawsuit filed in the Federal Court of Australia by the Australian Competition and Consumer Commission says the U.S. financial services giant used its status as the world’s largest retail electronic payments processing network to discourage Australian merchants and ATMs from offering their customers dynamic currency conversion, or DCC, services. These services allow foreign credit and debit card...
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