FutureCard Visa Debit Card basics Annual fee: $0. Welcome bonus: None. Rewards: 6% cash back on select partner brands, 5% cash back on the first $25,000 of purchases spent on public transport ...

More than 60% of debit transactions in the U.S. are conducted using Visa's network, with the company earning roughly $7 billion a year in processing fees, according to the complaint.

Visa’s only major competitor in the debit card space is Mastercard, which controls less than 25% of debit transactions, according to prosecutors.

The lawsuit, filed in the Southern District of New York, says Visa handles more than 60% of debit card transactions in the U.S. and collects more than $7 billion in annual processing fees.

An Apple credit card is shown with a Visa debit card in a photo taken in New York on Tuesday, Sept. 24, 2024. (AP Photo/Peter Morgan) ...

An Apple credit card is shown with a Visa debit card in a photo taken in New York on Tuesday, Sept. 24, 2024. [Photo: Peter Morgan/AP Photo] ...

Business Department of Justice sues Visa, alleges the card issuer monopolizes debit card markets The complaint filed Tuesday says San Francisco-based Visa penalizes merchants and banks who don't ...

Visa is a very big middleman: It processed $3.8 trillion in U.S. debit transactions in the year through June, generating over $7 billion in processing fees per year, the Justice Department said.

Visa, which is headquartered in San Francisco, has a global operating income of $18.8 billion, according to the lawsuit, and charges about $8 billion in network fees on U.S. debit volume every year.

The new features could mean Americans will be carrying fewer physical cards in their wallets, and will make the 16-digit credit or debit card number printed on every card increasingly irrelevant.