Visa have been fined A$18m by an Australian court, following action by the Australian Competition and Consumer Comission (ACCC). The global payments giant was found to have shut out rivals' access to its currency conversion service.
'Unlawful conduct which prevents or hinders the competitive process in concentrated industries and restricts consumer choice are priority areas for the ACCC,' said the competition authority's chairman Rod Sims.
'The ACCC was concerned that Visa’s conduct was likely to stop the growth of currency conversion services which competed with its own and, as a result, limit the choices available to consumers.'
The offence took place between May and October 2010 and Visa admitted it breached the Competition and Consumer Act 2010 in the case. The transaction company was also ordered to pay A$2m in court costs, taking the total penalty to A$20m, (US$14m). Source: ACCC