On 10 March 2021, Visa AP (Australia) Pty Ltd and Visa Worldwide Pte Limited (together, "Visa") entered into a court enforceable undertaking with the Australian Competition Consumer Commission ("ACCC"), seeking to address the ACCC's concerns that Visa was leveraging its substantial market power in credit cards to limit competition in debit card acceptance. What you need to know – key takeaways The ACCC has recently announced that its 2021 priorities include promoting competition and investigating allegations of anti-competitive conduct in the financial services sector. Visa's undertaking is designed to ensure that merchants can make informed decisions about which network to process payments on Visa branded debit cards, without suffering adverse consequences (including increased costs)
The Australian Competition Authority accepts a court-enforceable undertaking from two credit card companies about concerns that one of them may have limited competition regarding debit card acceptance through its dealings with large merchants (Visa)
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