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Visa and Mastercard face an antitrust lawsuit

July 18, 2023

Visa and Mastercard have faced a lawsuit over alleged conspired vastly overcharge of the Square payment platform for increased retail prices for clients.

Visa and Mastercard were accused of trying to fix inflated `interchange` fees and maintaining market power, according to a lawsuit filed by Block on July 14th, 2023, in the US District Court for the Easter District of New York.

Block’s Square payment processing platform was designed to directly contract with Visa and Mastercard in order to facilitate card transactions for numerous merchants.

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