A recent watchdog report has revealed that the Visa-Mastercard ‘duopoly’ is actively spending millions to block competition in the market, creating a stranglehold on the industry.
According to the report, Visa and Mastercard have used their dominant position to stifle competition and prevent new players from entering the market. This has resulted in limited options for consumers and businesses, as well as higher fees and less innovation in the payment processing industry.
The watchdog report also highlighted how Visa and Mastercard have been able to use their significant resources to create a unique version of the payment processing industry that benefits their own interests. By blocking competition and controlling the market, they have been able to maintain their dominance and prevent any real threats to their position.
Overall, the report raises important concerns about the power and influence of Visa and Mastercard in the payment processing industry. It calls for greater oversight and regulation to ensure that competition is not unfairly stifled, and that consumers and businesses have access to a more diverse and innovative range of payment options.
