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The Justice Department is scrutinizing Visa's relationships with large financial-technology companies as part of its antitrust investigation of the card giant. Antitrust investigators are looking into the financial incentives that Visa gave Square, Stripe, and PayPal. Investigators want to know if those deals kept the payments firms from using other card networks or money-movement technologies.
To send transactions over Visa’s rails, fintech firms pay fees that Visa sets. (That model is similar to that of other major networks.) Some fintech companies enable payments that bypass Visa and other major card networks. For example, some allow payments to travel from one bank account to another, without using card rails. Visa has at times offered to lower fees or give other rewards in exchange for fintech firms sending more transactions over Visa rails rather than other networks or technologies.
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