Visa and Plaid are calling off their merger. This comes after the Department of Justice challenged the deal, calling it anticompetitive.
"We are confident we would have prevailed in court as Plaid's capabilities are complementary to Visa's, not competitive," said Al Kelly, chairman and chief executive of Visa, said in a statement.
“American consumers and business owners increasingly buy and sell goods and services online, and Visa – a monopolist in online debit services – has extracted billions of dollars from those transactions,” Assistant Attorney General Makan Delrahim of the Justice Department’s Antitrust Division said.
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