Consumer advocacy group Accountable.US has accused finance giants Visa and Mastercard of forming a duopoly to stifle competition in the debit and credit card payments industry. The report claims that the two companies have collectively spent over $80 million lobbying against legislation that would open up the sector to competitors. With Visa and Mastercard dominating the market share in the US, Accountable.US argues that they are responsible for the high swipe fees burdening consumers and businesses. The lack of competition, labeled as the Visa-Mastercard duopoly, has led to increased costs for everyday essentials, as highlighted by the recent antitrust lawsuit filed by the US Department of Justice against Visa. The proposed Credit Card Competition Act aims to address these issues, but its progress in the Senate remains pending. Read more AI-generated news on: https://app.chaingpt.org/news