Mastercard reports U.S. antitrust probe of debit card program
5:02 pm Thursday, April 27th, 2023
(Reuters) – Mastercard Inc on Thursday said the U.S. Justice Department was conducting an antitrust investigation of its U.S. debit program and competition with other payment networks.
The company in a filing said it had received a civil investigative demand, the civil equivalent of a subpoena, from the Justice Department’s Antitrust Division. The filing did not specify the government’s concern beyond saying it had to do with its U.S. debit program and competition with rivals.
“Mastercard is cooperating with the DOJ in connection with the CID,” the company said in the filing.
The Justice Department declined to comment.
Visa Inc in January said the Justice Department had sought documents from it about U.S. debit card practices and competition with other payment networks.
The probe, which began in early 2021, followed reports the United States was investigating whether the credit card company uses anticompetitive practices in the debit card market.
(Reporting by Niket Nishant in Bengaluru and Diane Bartz in Washington; Editing by Shounak Dasgupta and David Gregorio)
