SAN FRANCISCO (Thomson Financial) - The Department of Justice said Tuesday
that Visa Inc. has rescinded a rule for its Visa-branded debit cards as a result
of an antitrust investigation.
The rule required merchants to treat the debit cards differently when used
as a PIN-debit card, and processed via non-Visa networks, from the same cards
when used as signature debit cards and processed on the Visa network.
The DOJ said it had been investigating whether the rule adversely affected
competition in the debit card industry by restricting certain PIN debit
transactions, particularly small-value and Internet transactions, and by
potentially interfering with the introduction of new types of PIN debit
services.
The Justice Department antitrust division plans to close its investigation
now that Visa has rescinded its operating regulation and adopted new regulations
that should eliminate any potential for competitive harm, the agency said.
Shares of San Francisco-based Visa were down 1.3% at $80.25.
Katherine Hunt
kh/pc
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