Australia court fines Visa arm $12.6 mln, cites anti-competitive conduct

September 4, 2015 8:38 AM

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SYDNEY, Sept 4 Australia's federal court has ordered a subsidiary of credit and debit card issuer Visa Inc to pay a fine of A$18 million ($12.55 million) for blocking a rival currency conversion service on its payment terminals.

The proceedings were brought by the Australian Competition and Consumer Commission (ACCC). The agency said in a statement that the domestic arm of Visa Worldwide infringed competition blocking a rival currency conversion service on its payment network between May and October 2010.

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