The Justice Department lawsuit revealed a high level of concern at Visa about the possibility of disruption in payments and the impact that would have on the company. The lawsuit alleged that Plaid is planning to create an alternative payments platform that wouldn’t rely on debit cards. The government alleged that Visa’s CEO described the deal as an “insurance policy” to neutralize a threat to the company’s debit business.
Mr. Perret also said he was disappointed in the length of time the government took to investigate and litigate the proposed deal. “The DOJ timelines are much slower than anyone anticipated,” he said. “The reality of leaving our business in a multiyear review...is not in the best interests of our customers.”