Australia levels ‘abuse of power’ claim at Visa
Monday 04 February 2013
Visa, the world’s largest electronic payment network, is being sued by the Australian competition watchdog over alleged abuses of its power.
The Australian Competition and Consumer Commission claims it “misused its market power” to prevent the expansion of dynamic currency conversion (DCC) services.
The Commission says Visa has blocked DCC services at Australian ATMs since 2007 and engaged in exclusive deals by providing access to its payment network to banks and retailers on the condition they would only use Visa’s currency conversion system. DCC services allow international cardholders to see the amount their card will be charged, expressed in their home currency. The Commission claims Visa earned less when cardholders selected DCC.
A Visa spokesman said: “We strongly reject allegations our rules on DCC services infringe competition laws.”
Royal Marine Sgt Alexander Blackman jailed for life for murder of Afghan insurgent
Ja Rule forced to deny leaving wife for prison cell mate
Nelson Mandela: 11 inspirational quotes to live your life by
Nelson Mandela's death: South Africa and the world mourns loss of Nelson Mandela
Crash pilot who threatened Ukip leader Nigel Farage found dead
- 1 Cameron's freebie to apartheid South Africa
- 2 Is this the scariest advert ever? Japanese tyre commercial comes with its own disclaimer and health warning
- 3 Sherlock series 3: Benedict Cumberbatch and Martin Freeman provide teasers for the biggest comeback in British television
- 4 A forgotten episode in Russian history leaves links with the Philippines
- 5 People will try to reduce Mandela to a lilting reggae tune about ‘love’. They will fail
- < Previous
- Next >
iJobs Money & Business
£30000 - £40000 per annum + Bonus and Benefits: Harrington Starr: A global Con...
£150 - £250 per day: Cornwallis Elt : iPhone Rollout- Blackberry Enginee...
£55000 - £70000 per annum: Pro-Recruitment Group: A well-known and renowned in...
£450 - £500 per hour: Cornwallis Elt : Business Analyst Finance System Hy...