Wal-Mart has filed a lawsuit this week suing Visa for more than $5 billion. Wal-Mart claims that Visa charged unreasonably high fees known as interchange fees when their customers paid with credit cards.
Wal-Mart claims that the way Visa set the swipe fees violated antitrust regulations. The lawsuit was filed in the U.S. District Court for the Western District of Arkansas.
According to Business Insider Wal-Mart said, "The anticompetitive conduct of Visa and the banks forced Wal-Mart to raise retail prices paid by its customers and/or reduce retail services provided to its customers as a means of offsetting some of the artificially inflated Interchange Fees."
According to the Wall Street Journal the fees are set by Visa and other card companies and collected by card-issuing banks. Retailers have been complaining of high fees and feel that it is due to a lack of competition with the payment giants.
When asked about the situation Visa has declined to comment thus far.