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J
OHN
R
.
R
EAD (D
C B
ar #419373)
M
EAGAN K.
B
ELL
S
HAW (
C
A
B
ar #257875)
C
O
R
Y
BR
ADE
R
LEU
C
HTEN (NY
B
ar # 5118732)
S
A
R
AH H. LI
C
HT (D
C B
ar #1021541)
Un
it
ed
St
a
t
e
s
Depar
tm
en
t
of
J
u
sti
ce, An
tit
ru
st
D
i
v
isi
on
450
Fi
f
t
h
St
ree
t
, NW,
S
u
it
e 4000
Wa
s
h
i
ng
t
on, D
C
20530
Te
l
ephone
:
(202) 307-0468
F
ac
simil
e
:
(202) 514-7308
E-
m
a
il: j
ohn.read@u
s
do
j
.gov
[Add
iti
ona
l
coun
s
e
l list
ed on
si
gna
t
ure page]
A
tt
orney
s
for
Pl
a
i
n
ti
ff Un
it
ed
St
a
t
e
s
of A
m
er
i
ca
UN
I
TE
D
ST
A
TES
D
IST
R
I
C
T
C
O
UR
T
N
O
R
THE
RN D
IST
R
I
C
T O
F CA
LI
F
O
RN
I
A
S
AN FRANC
IS
C
O
D
I
V
ISIO
N
UNITED
S
TATE
S
O
F
A
M
E
R
I
C
A,
P
l
a
i
n
tiff
v.
C
a
s
e No.
:
C
O
MP
L
A
I
N
T
VI
S
A IN
C
. and
P
LAID IN
C
.,
De
f
endan
t
s
.
V
is
a
s
eek
s t
o buy
Pl
a
i
d – a
s its C
EO
s
a
i
d – a
s
an “
i
n
s
urance po
li
cy”
t
o neu
t
ra
li
ze a
“
t
hrea
t t
o our
im
por
t
an
t
U
S
deb
it
bu
si
ne
ss
.” V
is
a
is
a
m
onopo
list i
n on
li
ne deb
it t
ran
s
ac
ti
on
s
,
ex
t
rac
ti
ng b
illi
on
s
of do
ll
ar
s i
n fee
s
annua
ll
y fro
m m
erchan
ts
and con
s
u
m
er
s
.
Pl
a
i
d, a f
i
nanc
i
a
l
t
echno
l
ogy f
i
r
m
w
it
h acce
ss t
o
im
por
t
an
t
f
i
nanc
i
a
l
da
t
a fro
m
over 11,000 U.
S
. bank
s
,
is
a
t
hrea
t
t
o
t
h
is m
onopo
l
y
: it
ha
s
been deve
l
op
i
ng an
i
nnova
ti
ve new
s
o
l
u
ti
on
t
ha
t
wou
l
d be a
s
ub
stit
u
t
e
for V
is
a’
s
on
li
ne deb
it s
erv
i
ce
s
.
B
y acqu
i
r
i
ng
Pl
a
i
d, V
is
a wou
l
d e
limi
na
t
e a na
s
cen
t
co
m
pe
titi
ve
t
hrea
t t
ha
t
wou
l
d
li
ke
l
y re
s
u
lt i
n
s
ub
st
an
ti
a
l s
av
i
ng
s
and
m
ore
i
nnova
ti
ve on
li
ne deb
it s
erv
i
ce
s
for
-1-
C
O
M
P
LAINT
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m
erchan
ts
and con
s
u
m
er
s
.
F
or
t
he rea
s
on
s
d
is
cu
ss
ed be
l
ow,
t
he propo
s
ed acqu
isiti
on v
i
o
l
a
t
e
s
S
ec
ti
on 2 of
t
he
S
her
m
an Ac
t
, 15 U.
S
.
C
. § 2, and
S
ec
ti
on 7 of
t
he
Cl
ay
t
on Ac
t
, 15 U.
S
.
C
. § 18,
and
m
u
st
be
st
opped.
I
N
T
R
O
DUC
TIO
N
1. V
is
a
is
“everywhere you wan
t t
o be.”
1
I
ts
deb
it
card
s
are accep
t
ed by
t
he va
st
m
a
j
or
it
y of U.
S
.
m
erchan
ts
, and
it
con
t
ro
ls
approx
im
a
t
e
l
y 70% of
t
he on
li
ne deb
it t
ran
s
ac
ti
on
s
m
arke
t
. In 2019,
t
here were rough
l
y 500
milli
on V
is
a deb
it
card
s i
n c
i
rcu
l
a
ti
on
i
n
t
he Un
it
ed
St
a
t
e
s
. Tha
t s
a
m
e year, V
is
a proce
ss
ed approx
im
a
t
e
l
y 43 b
illi
on deb
it t
ran
s
ac
ti
on
s
,
i
nc
l
ud
i
ng
m
ore
t
han 10 b
illi
on on
li
ne
t
ran
s
ac
ti
on
s
. In 2019, V
is
a earned over $4 b
illi
on fro
m its
deb
it
bu
si
ne
ss
,
i
nc
l
ud
i
ng approx
im
a
t
e
l
y $2 b
illi
on fro
m
on
li
ne deb
it
.
2. A
m
er
i
can con
s
u
m
er
s i
ncrea
si
ng
l
y
m
ake purcha
s
e
s
on
li
ne, a
tt
rac
t
ed by
t
he
conven
i
ence of be
i
ng ab
l
e
t
o
s
hop any
tim
e, fro
m
anywhere, w
it
h fa
st
de
li
very. In recen
t
year
s
,
on
li
ne
t
ran
s
ac
ti
on
s
have exper
i
enced “exp
l
o
si
ve” grow
t
h, a
t
rend
t
ha
t
ha
s
on
l
y been acce
l
era
t
ed
by
t
he
C
OVID-19 pande
mi
c, w
it
h on
li
ne
s
a
l
e
s
grow
i
ng
m
ore
t
han 30% be
t
ween
t
he f
i
r
st
and
s
econd quar
t
er
s
of 2020.
3. A
m
er
i
can con
s
u
m
er
s
u
s
e deb
it
card
s t
o purcha
s
e hundred
s
of b
illi
on
s
of do
ll
ar
s
of
good
s
and
s
erv
i
ce
s
on
t
he
i
n
t
erne
t
each year.
M
any con
s
u
m
er
s
buy
i
ng good
s
and
s
erv
i
ce
s
on
li
ne
e
it
her prefer u
si
ng deb
it
or canno
t
acce
ss
o
t
her
m
ean
s
of pay
m
en
t
,
s
uch a
s
cred
it
.
B
ecau
s
e of
its
ub
i
qu
it
y a
m
ong con
s
u
m
er
s
,
m
erchan
ts
have no cho
i
ce bu
t t
o accep
t
V
is
a deb
it
de
s
p
it
e perenn
i
a
l
co
m
p
l
a
i
n
ts
abou
t t
he h
i
gh co
st
of V
is
a’
s
deb
it s
erv
i
ce.
4. V
is
a’
s m
onopo
l
y power
i
n on
li
ne deb
it is
pro
t
ec
t
ed by
si
gn
i
f
i
can
t
barr
i
er
s t
o en
t
ry
and expan
si
on. V
is
a connec
ts milli
on
s
of
m
erchan
ts t
o hundred
s
of
milli
on
s
of con
s
u
m
er
s i
n
t
he
Un
it
ed
St
a
t
e
s
. New cha
ll
enger
s t
o V
is
a’
s m
onopo
l
y wou
l
d
t
hu
s
face a ch
i
cken-and-egg
quandary, need
i
ng connec
ti
on
s
w
it
h
milli
on
s
of con
s
u
m
er
s t
o a
tt
rac
t t
hou
s
and
s
of
m
erchan
ts
and
need
i
ng
t
hou
s
and
s
of
m
erchan
ts t
o a
tt
rac
t milli
on
s
of con
s
u
m
er
s
. V
is
a’
s C
h
i
ef
Fi
nanc
i
a
l
Off
i
cer
ha
s
acknow
l
edged
t
ha
t
bu
il
d
i
ng an ex
t
en
si
ve ne
t
work
li
ke V
is
a’
s is
“very, very hard
t
o do” and
1
h
tt
p
s://
u
s
a.v
is
a.co
m/
.
-2-
C
O
MP
LAINT
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“
t
ake
s m
any year
s
of
i
nve
stm
en
t
,” bu
t
“[
i
]f you can do
t
ha
t
,
t
hen you can have a bu
si
ne
ss
[
li
ke
V
is
a’
s
]
t
ha
t
ha
s
a re
l
a
ti
ve
l
y h
i
gh
m
arg
i
n.” He exp
l
a
i
ned
t
ha
t
en
t
ry barr
i
er
s
are
s
o
si
gn
i
f
i
can
t t
ha
t
even we
ll
-funded co
m
pan
i
e
s
w
it
h
st
rong brand na
m
e
s st
rugg
l
e
t
o en
t
er on
li
ne deb
it
.
5.
M
a
st
ercard, V
is
a’
s
on
l
y
l
ong
st
and
i
ng r
i
va
l i
n on
li
ne deb
it s
erv
i
ce
s
, ha
s
a
m
uch
sm
a
ll
er
m
arke
t s
hare of around 25%.
F
or year
s
,
M
a
st
ercard ha
s
ne
it
her ga
i
ned
si
gn
i
f
i
can
t s
hare
fro
m
V
is
a nor re
st
ra
i
ned V
is
a’
s m
onopo
l
y.
M
a
st
ercard’
s
par
ti
c
i
pa
ti
on
i
n
t
he on
li
ne deb
it m
arke
t
ha
s
no
t t
ran
sl
a
t
ed
i
n
t
o
l
ower pr
i
ce
s
for con
s
u
m
er
s
, and
t
h
is
appear
s
un
li
ke
l
y
t
o change.
F
or
exa
m
p
l
e, V
is
a ha
s l
ong-
t
er
m
con
t
rac
ts
w
it
h
m
any of
t
he na
ti
on’
s l
arge
st
bank
s t
ha
t
re
st
r
i
c
t t
he
s
e
bank
s
’ ab
ilit
y
t
o
iss
ue
M
a
st
ercard deb
it
card
s
. V
is
a a
ls
o ha
s
ha
mst
rung
sm
a
ll
er r
i
va
ls
by e
it
her
erec
ti
ng
t
echn
i
ca
l
barr
i
er
s
, or en
t
er
i
ng
i
n
t
o re
st
r
i
c
ti
ve agree
m
en
ts t
ha
t
preven
t
r
i
va
ls
fro
m
grow
i
ng
t
he
i
r
s
hare
i
n on
li
ne deb
it
, or bo
t
h.
6. The
s
e en
t
ry barr
i
er
s
, coup
l
ed w
it
h V
is
a’
s l
ong-
t
er
m
, re
st
r
i
c
ti
ve con
t
rac
ts
w
it
h
bank
s
, are near
l
y
i
n
s
ur
m
oun
t
ab
l
e,
m
ean
i
ng V
is
a rare
l
y face
s
any
si
gn
i
f
i
can
t t
hrea
ts t
o
its
on
li
ne
deb
it m
onopo
l
y.
Pl
a
i
d
is s
uch a
t
hrea
t
.
7.
Pl
a
i
d
is
un
i
que
l
y po
siti
oned
t
o
s
ur
m
oun
t t
he
s
e en
t
ry barr
i
er
s
and under
mi
ne
V
is
a’
s m
onopo
l
y
i
n on
li
ne deb
it s
erv
i
ce
s
.
Pl
a
i
d power
s s
o
m
e of
t
oday’
s m
o
st i
nnova
ti
ve
f
i
nanc
i
a
l t
echno
l
ogy (“f
i
n
t
ech”) app
s
,
s
uch a
s
Ven
m
o, Acorn
s
, and
B
e
tt
er
m
en
t
.
Pl
a
i
d’
s
t
echno
l
ogy a
ll
ow
s
f
i
n
t
ech
s t
o p
l
ug
i
n
t
o con
s
u
m
er
s
’ var
i
ou
s
f
i
nanc
i
a
l
accoun
ts
, w
it
h con
s
u
m
er
per
missi
on,
t
o aggrega
t
e
s
pend
i
ng da
t
a,
l
ook up ba
l
ance
s
, and ver
i
fy o
t
her per
s
ona
l
f
i
nanc
i
a
l
i
nfor
m
a
ti
on.
Pl
a
i
d ha
s
a
l
ready bu
ilt
connec
ti
on
s t
o 11,000 U.
S
. f
i
nanc
i
a
l i
n
stit
u
ti
on
s
and
m
ore
t
han 200
milli
on con
s
u
m
er bank accoun
ts i
n
t
he Un
it
ed
St
a
t
e
s
and grow
i
ng. The
s
e e
st
ab
lis
hed
connec
ti
on
s
po
siti
on
Pl
a
i
d
t
o overco
m
e
t
he en
t
ry barr
i
er
s t
ha
t
o
t
her
s
face
i
n a
tt
e
m
p
ti
ng
t
o
prov
i
de on
li
ne deb
it s
erv
i
ce
s
.
8. Wh
il
e
Pl
a
i
d’
s
ex
isti
ng
t
echno
l
ogy doe
s
no
t
co
m
pe
t
e d
i
rec
tl
y w
it
h V
is
a
t
oday,
Pl
a
i
d
is
p
l
ann
i
ng
t
o
l
everage
t
ha
t t
echno
l
ogy, co
m
b
i
ned w
it
h
its
ex
isti
ng re
l
a
ti
on
s
h
i
p
s
w
it
h bank
s
and con
s
u
m
er
s
,
t
o fac
ilit
a
t
e
t
ran
s
ac
ti
on
s
be
t
ween con
s
u
m
er
s
and
m
erchan
ts i
n co
m
pe
titi
on w
it
h
V
is
a. L
i
ke V
is
a’
s
on
li
ne deb
it s
erv
i
ce
s
,
Pl
a
i
d’
s
new deb
it s
erv
i
ce wou
l
d enab
l
e con
s
u
m
er
s t
o
pay for good
s
and
s
erv
i
ce
s
on
li
ne w
it
h
m
oney deb
it
ed fro
m t
he
i
r bank accoun
ts
. W
it
h
t
h
is
new
-3-
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O
MP
LAINT
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on
line debit
service, Plaid intended to “steal[] share” and become a “formidable competitor to
Visa and
Mastercard.”
Competition from Plaid likely would drive down prices for online debit
transactions, chipping away at Visa’s monopoly and resulting in substantial savings to merchants
and consumers.
9. Visa feared that Plaid’s innovative potential – on its own or in partnership with
another company – would threaten Visa’s debit business. In evaluating whether to consider
Plaid as a potential acquisition target in March 2019, Visa’s Vice President of Corporate
Development and Head of Strategic Opportunities expressed concerns to his colleagues about the
threat Plaid posed to Visa’s established debit business, observing: “I don’t want to be IBM to
their Microsoft.” This executive analogized Plaid to an island “volcano” whose current
capabilities are just “the tip showing above the water” and warned that “[w]hat lies beneath,
though, is a massive opportunity – one that threatens Visa.” He underscored his point by
illustrating Plaid’s disruptive potential:
10. Several months later, Visa had the opportunity to acquire Plaid. While
conducting extensive due diligence, Visa’s senior executives became alarmed to learn about
Plaid’s plans to add a “meaningful money movement business by the end of 2021” that would
compete with Visa’s online debit services. This prompted Visa’s CEO to conclude that Plaid
was “clearly, on their own or owned by a competitor going to create some threat to our important
-4-
CO
M
PLAINT
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U
S
deb
it
bu
si
ne
ss
” and
t
o
t
e
ll
h
is CF
O
t
ha
t
purcha
si
ng
Pl
a
i
d wou
l
d be an “
i
n
s
urance po
li
cy
t
o
pro
t
ec
t
our deb
it
b
i
z
i
n
t
he U
S
.”
11. In
m
ak
i
ng
t
he ca
s
e
t
o buy
Pl
a
i
d
t
o V
is
a’
s B
oard of D
i
rec
t
or
s
, V
is
a’
s s
en
i
or
l
eader
s
h
i
p e
stim
a
t
ed a “po
t
en
ti
a
l
down
si
de r
is
k of $300-500
M i
n our U
S
deb
it
bu
si
ne
ss
” by 2024
s
hou
l
d
Pl
a
i
d fa
ll i
n
t
o
t
he hand
s
of a r
i
va
l
. V
is
a under
st
ood
t
ha
t
cou
l
d crea
t
e an “[e]x
ist
en
ti
a
l
r
is
k
t
o our U.
S
. deb
it
bu
si
ne
ss
” and
t
ha
t
“V
is
a
m
ay be forced
t
o accep
t l
ower
m
arg
i
n
s
or no
t
have a
co
m
pe
titi
ve offer
i
ng.”
12. On
J
anuary 13, 2020, V
is
a agreed
t
o acqu
i
re
Pl
a
i
d
i
n par
t t
o e
limi
na
t
e
t
h
is
ex
ist
en
ti
a
l
r
is
k and pro
t
ec
t its m
onopo
l
y
i
n on
li
ne deb
it
. V
is
a offered approx
im
a
t
e
l
y $5.3 b
illi
on
for
Pl
a
i
d, “an unpreceden
t
ed revenue
m
u
lti
p
l
e of over 50X” and
t
he
s
econd-
l
arge
st
acqu
isiti
on
i
n
V
is
a’
s
h
ist
ory.
R
ecogn
i
z
i
ng
t
ha
t t
he dea
l
“doe
s
no
t
hun
t
on f
i
nanc
i
a
l
ground
s
,” V
is
a’
s C
EO
j
u
sti
f
i
ed
t
he ex
t
raord
i
nary purcha
s
e pr
i
ce for
Pl
a
i
d a
s
a “
st
ra
t
eg
i
c, no
t
f
i
nanc
i
a
l
”
m
ove becau
s
e
“[o]ur U
S
deb
it
bu
si
ne
ss i
[
s
] cr
iti
ca
l
and we
m
u
st
a
l
way
s
do wha
t it t
ake
s t
o pro
t
ec
t t
h
is
bu
si
ne
ss
.”
13.
M
onopo
lists
canno
t
have “free re
i
gn
t
o
s
qua
s
h na
s
cen
t
, a
l
be
it
unproven,
co
m
pe
tit
or
s
a
t
w
ill
.” Un
it
ed S
t
a
t
e
s
v. M
i
c
r
o
s
o
ft
C
o
r
p., 253
F
.3d 34, 79 (D.
C
.
Ci
r. 2001).
Acqu
i
r
i
ng
Pl
a
i
d wou
l
d e
limi
na
t
e
t
he na
s
cen
t
bu
t si
gn
i
f
i
can
t
co
m
pe
titi
ve
t
hrea
t Pl
a
i
d po
s
e
s
,
fur
t
her en
t
rench
i
ng V
is
a’
s m
onopo
l
y
i
n on
li
ne deb
it
. A
s
a re
s
u
lt
, bo
t
h
m
erchan
ts
and con
s
u
m
er
s
wou
l
d be depr
i
ved of co
m
pe
titi
on
t
ha
t
wou
l
d dra
sti
ca
ll
y
l
ower co
sts
for on
li
ne deb
it t
ran
s
ac
ti
on
s
,
l
eav
i
ng
t
he
m
w
it
h few a
lt
erna
ti
ve
s t
o V
is
a’
s m
onopo
l
y pr
i
ce
s
. Thu
s
,
t
he acqu
isiti
on wou
l
d
un
l
awfu
ll
y
m
a
i
n
t
a
i
n V
is
a’
s m
onopo
l
y
i
n v
i
o
l
a
ti
on of
S
ec
ti
on 2 of
t
he
S
her
m
an Ac
t
.
14. V
is
a’
s
propo
s
ed acqu
isiti
on a
ls
o wou
l
d v
i
o
l
a
t
e
S
ec
ti
on 7 of
t
he
Cl
ay
t
on Ac
t
,
wh
i
ch wa
s
“de
si
gned
t
o arre
st t
he crea
ti
on of
m
onopo
li
e
s
‘
i
n
t
he
i
r
i
nc
i
p
i
ency,’” Un
it
ed S
t
a
t
e
s
v.
Gen. Dynam
i
c
s C
o
r
p., 415 U.
S
. 486, 505 n.13 (1974), and
simil
ar
l
y proh
i
b
its
a
m
onopo
list
fro
m
bo
lst
er
i
ng
its m
onopo
l
y
t
hrough an acqu
isiti
on
t
ha
t
e
limi
na
t
e
s
a na
s
cen
t
bu
t si
gn
i
f
i
can
t
co
m
pe
titi
ve
t
hrea
t
. The
S
upre
m
e
C
our
t
ha
s
exp
l
a
i
ned
t
ha
t
an acqu
isiti
on can v
i
o
l
a
t
e
S
ec
ti
on 7
when “
t
he re
l
a
ti
ve
si
ze of
t
he acqu
i
r
i
ng corpora
ti
on ha[
s
]
i
ncrea
s
ed
t
o
s
uch a po
i
n
t t
ha
t its
advan
t
age over
its
co
m
pe
tit
or
s t
hrea
t
en[
s
]
t
o be ‘dec
isi
ve.’” B
r
o
w
n Shoe
C
o. v. Un
it
ed S
t
a
t
e
s
,
-5-
C
O
MP
LAINT
5
10
15
20
25
1
2
3
4
6
7
8
9
11
12
13
14
16
17
18
19
21
22
23
24
26
27
28
370 U.
S
. 294, 321 n.36 (1962). V
is
a a
l
ready ha
s
a dec
isi
ve
m
arke
t
po
siti
on
t
hrough
its
on
li
ne
deb
it m
onopo
l
y, and wou
l
d un
l
awfu
ll
y ex
t
end
t
ha
t
advan
t
age by acqu
i
r
i
ng
Pl
a
i
d.
F
or
t
he rea
s
on
s
s
e
t
for
t
h
i
n
t
h
is C
o
m
p
l
a
i
n
t
,
t
he propo
s
ed acqu
isiti
on
m
u
st
be en
j
o
i
ned.
JUR
IS
D
I
C
TIO
N
15. The Un
it
ed
St
a
t
e
s
br
i
ng
s t
h
is
ac
ti
on under
S
ec
ti
on 15 of
t
he
Cl
ay
t
on Ac
t
, a
s
a
m
ended, 15 U.
S
.
C
§ 25, and
S
ec
ti
on 4 of
t
he
S
her
m
an Ac
t
, 15 U.
S
.
C
. § 4,
t
o preven
t
and
re
st
ra
i
n V
is
a fro
m
v
i
o
l
a
ti
ng
S
ec
ti
on 2 of
t
he
S
her
m
an Ac
t
, 15 U.
S
.
C
. § 2, and Defendan
ts
fro
m
v
i
o
l
a
ti
ng
S
ec
ti
on 7 of
t
he
Cl
ay
t
on Ac
t
, 15 U.
S
.
C
. § 18. Th
is C
our
t
ha
s s
ub
j
ec
t m
a
tt
er
j
ur
is
d
i
c
ti
on
over
t
h
is
ac
ti
on under
S
ec
ti
on 15 of
t
he
Cl
ay
t
on Ac
t
, 15 U.
S
.
C
§ 25,
S
ec
ti
on 4 of
t
he
S
her
m
an
Ac
t
, 15 U.
S
.
C
. § 4, and 28 U.
S
.
C
. §§ 1331, 1337.
16. Defendan
ts
V
is
a and
Pl
a
i
d are engaged
i
n
i
n
t
er
st
a
t
e co
mm
erce and
i
n ac
ti
v
iti
e
s
s
ub
st
an
ti
a
ll
y affec
ti
ng
i
n
t
er
st
a
t
e co
mm
erce. V
is
a and
Pl
a
i
d
s
e
ll
on
li
ne deb
it
and da
t
a aggrega
ti
on
s
erv
i
ce
s t
hroughou
t t
he Un
it
ed
St
a
t
e
s
. They are engaged
i
n a regu
l
ar, con
ti
nuou
s
, and
s
ub
st
an
ti
a
l
f
l
ow of
i
n
t
er
st
a
t
e co
mm
erce, and
t
he
i
r
s
a
l
e
s
have had a
s
ub
st
an
ti
a
l
effec
t
on
i
n
t
er
st
a
t
e co
mm
erce.
17. Th
is C
our
t
ha
s
per
s
ona
l j
ur
is
d
i
c
ti
on over each Defendan
t
.
B
o
t
h V
is
a and
Pl
a
i
d
are corpora
ti
on
s t
ha
t t
ran
s
ac
t
bu
si
ne
ss
w
it
h
i
n
t
h
is
D
ist
r
i
c
t t
hrough, a
m
ong o
t
her
t
h
i
ng
s
,
t
he
i
r
s
a
l
e
s
of on
li
ne deb
it t
ran
s
ac
ti
on
s
and da
t
a aggrega
ti
on
s
erv
i
ce
s
.
V
E
NU
E
18. Venue
is
proper
i
n
t
h
is
d
ist
r
i
c
t
under
S
ec
ti
on 12 of
t
he
Cl
ay
t
on Ac
t
, 15 U.
S
.
C
.
§ 22 and 28 U.
S
.
C
. § 1391.
B
o
t
h Defendan
ts
are headquar
t
ered and
t
ran
s
ac
t
bu
si
ne
ss i
n
t
h
is
j
ud
i
c
i
a
l
D
ist
r
i
c
t
.
I
N
T
RAD
IST
R
I
C
T
A
SSIG
NM
E
N
T
19. A
ssi
gn
m
en
t t
o
t
he
S
an
F
ranc
is
co D
i
v
isi
on
is
proper. Th
is
ac
ti
on ar
is
e
s i
n
S
an
F
ranc
is
co
C
oun
t
y becau
s
e a
s
ub
st
an
ti
a
l
par
t
of
t
he even
ts t
ha
t
gave r
is
e
t
o
t
he c
l
a
ims
occurred
i
n
S
an
F
ranc
is
co.
Pl
a
i
d’
s
headquar
t
er
s
and pr
i
nc
i
pa
l
p
l
ace of bu
si
ne
ss is l
oca
t
ed
i
n
S
an
F
ranc
is
co.
V
is
a’
s
headquar
t
er
s
are
i
n
S
an
M
a
t
eo
C
oun
t
y
;
V
is
a ha
s
off
i
ce
s i
n
S
an
F
ranc
is
co and
is
bu
il
d
i
ng
new headquar
t
er
s i
n
S
an
F
ranc
is
co.
-6-
C
O
MP
LAINT
5
10
15
20
25
1
2
3
4
6
7
8
9
11
12
13
14
16
17
18
19
21
22
23
24
26
27
28
D
E
F
E
NDAN
TS
AND
THE
PR
O
P
OSE
D AC
Q
U
ISITIO
N
20. V
is
a Inc.
is
a De
l
aware co
m
pany headquar
t
ered
i
n
F
o
st
er
Cit
y,
C
a
li
forn
i
a. V
is
a
is
a g
l
oba
l
pay
m
en
ts
co
m
pany
t
ha
t
opera
t
e
s t
he
l
arge
st
deb
it
ne
t
work
i
n
t
he Un
it
ed
St
a
t
e
s
. V
is
a
prov
i
de
s
a
t
wo-
si
ded
t
ran
s
ac
ti
on
s
p
l
a
t
for
m t
ha
t
au
t
hor
i
ze
s
, c
l
ear
s
, and
s
e
ttl
e
s
deb
it t
ran
s
ac
ti
on
s
be
t
ween bu
si
ne
ss
e
s
, con
s
u
m
er
s
, and bank
s
. V
is
a repor
t
ed revenue
s
of approx
im
a
t
e
l
y $23 b
illi
on
i
n f
is
ca
l
year 2019,
i
nc
l
ud
i
ng $10.3 b
illi
on
i
n
t
he Un
it
ed
St
a
t
e
s
.
21.
Pl
a
i
d Inc.
is
a De
l
aware co
m
pany headquar
t
ered
i
n
S
an
F
ranc
is
co,
C
a
li
forn
i
a.
Pl
a
i
d opera
t
e
s t
he
l
ead
i
ng f
i
nanc
i
a
l
da
t
a aggrega
ti
on p
l
a
t
for
m i
n
t
he Un
it
ed
St
a
t
e
s
. I
ts
t
echno
l
ogy a
ll
ow
s
con
s
u
m
er
s t
o connec
t t
he
i
r bank accoun
t i
nfor
m
a
ti
on
t
o f
i
n
t
ech app
s
, wh
i
ch
enab
l
e
s
f
i
n
t
ech
s t
o aggrega
t
e con
s
u
m
er
s
pend
i
ng da
t
a,
l
ook up accoun
t
ba
l
ance
s
, and ver
i
fy o
t
her
per
s
ona
l
f
i
nanc
i
a
l i
nfor
m
a
ti
on w
it
h con
s
u
m
er per
missi
on.
Pl
a
i
d’
s
revenue
s
have been grow
i
ng
rap
i
d
l
y and were a
lm
o
st
$100
milli
on
i
n 2019.
22. On
J
anuary 13, 2020, Defendan
ts
announced
t
ha
t
V
is
a wou
l
d acqu
i
re a
ll
of
Pl
a
i
d’
s
vo
ti
ng
s
ecur
iti
e
s
for con
si
dera
ti
on va
l
ued a
t
approx
im
a
t
e
l
y $5.3 b
illi
on.
B
AC
KG
R
O
UND
23. A deb
it t
ran
s
ac
ti
on
i
nvo
l
ve
s
a
m
u
lti
-
st
ep proce
ss t
ha
t
re
s
u
lts i
n
t
he
t
ran
s
fer of
fund
s
fro
m
a con
s
u
m
er’
s
bank accoun
t i
n
t
o a
m
erchan
t
’
s
bank accoun
t
u
si
ng
t
he con
s
u
m
er’
s
bank accoun
t
creden
ti
a
ls
. When a con
s
u
m
er
m
ake
s
an on
li
ne purcha
s
e u
si
ng
t
he
i
r deb
it
card
creden
ti
a
ls
(
i
.e. a deb
it
card nu
m
ber, exp
i
ra
ti
on da
t
e, and
C
VV
/C
V
C
nu
m
ber on
t
he back of a
deb
it
card), a deb
it t
ran
s
ac
ti
on w
it
hdraw
s
fund
s
fro
m t
he con
s
u
m
er’
s
bank accoun
t
. The on
li
ne
m
erchan
t
u
s
e
s t
he con
s
u
m
er’
s
creden
ti
a
ls t
o
s
end a reque
st t
o
t
he
m
erchan
t
’
s
bank (
t
he
“acqu
i
r
i
ng” bank or “acqu
i
rer”), wh
i
ch
i
n
t
urn u
s
e
s t
he deb
it
ne
t
work
t
o
s
end a reque
st t
o
t
he
con
s
u
m
er’
s
bank (
t
he “
iss
u
i
ng bank” or “
iss
uer”)
t
o conf
i
r
m
whe
t
her
t
he
iss
uer w
ill
au
t
hor
i
ze
t
he
t
ran
s
ac
ti
on. The
iss
uer w
ill t
yp
i
ca
ll
y au
t
hor
i
ze
t
he
t
ran
s
ac
ti
on
i
f
t
here
is
a
s
uff
i
c
i
en
t
accoun
t
ba
l
ance
t
o fund
t
he
t
ran
s
ac
ti
on. If
t
he
t
ran
s
ac
ti
on
is
au
t
hor
i
zed,
t
he con
s
u
m
er’
s
bank p
l
ace
s
a
ho
l
d on
t
he con
s
u
m
er’
s
fund
s
.
-7-
C
O
MP
LAINT
5
10
15
20
25
1
2
3
4
6
7
8
9
11
12
13
14
16
17
18
19
21
22
23
24
26
27
28
24. Deb
it
ne
t
work
s
– V
is
a,
M
a
st
ercard, and a handfu
l
of
sm
a
ll
er ne
t
work
s
– opera
t
e
t
he
s
y
st
e
ms t
ha
t t
ran
smit t
he
s
e
m
e
ss
age
s
. Once
t
he con
s
u
m
er’
s iss
u
i
ng bank au
t
hor
i
ze
s t
he
t
ran
s
ac
ti
on,
t
he deb
it
ne
t
work a
ls
o guaran
t
ee
s t
he fund
s t
o
t
he
m
erchan
t
. Deb
it
ne
t
work
s
t
yp
i
ca
ll
y do no
t iss
ue card
s
d
i
rec
tl
y
t
o con
s
u
m
er
s
or e
st
ab
lis
h card-accep
ti
ng
s
erv
i
ce
s
w
it
h
m
erchan
ts
. The deb
it
ne
t
work
s t
yp
i
ca
ll
y con
t
rac
t
w
it
h
t
he acqu
i
r
i
ng and
iss
u
i
ng bank
s
, wh
i
ch
i
n
t
urn con
t
rac
t
w
it
h
m
erchan
ts
and con
s
u
m
er
s
, re
s
pec
ti
ve
l
y. The deb
it
ne
t
work a
ls
o c
l
ear
s
and
over
s
ee
s t
he
i
n
t
erbank
s
e
ttl
e
m
en
t
proce
ss
by aggrega
ti
ng a
ll t
ran
s
ac
ti
on
s
each day for each bank
i
n
its s
y
st
e
m
, ne
tti
ng ou
t
app
li
cab
l
e fee
s
, and prov
i
d
i
ng da
il
y
s
e
ttl
e
m
en
t
repor
ts t
o
t
he bank
s
.
W
it
h few excep
ti
on
s
,
t
he deb
it
ne
t
work
s
are no
t t
he
ms
e
l
ve
s
bank
s
and do no
t m
ove
m
oney
;
ra
t
her,
t
he ne
t
work
s
’
s
e
ttl
e
m
en
t
repor
ts
are u
s
ed by
t
he bank
s t
o
t
ran
s
fer fund
s
a
m
ong
t
he
ms
e
l
ve
s
,
t
yp
i
ca
ll
y u
si
ng a w
i
re
s
erv
i
ce ava
il
ab
l
e on
l
y
t
o bank
s
.
A. V
is
a
is
a Mo
n
o
p
o
lis
t
in Onlin
e De
bi
t
S
erv
i
ce
s
25. V
is
a
is
a
m
onopo
list
a
m
ong prov
i
der
s
of on
li
ne deb
it s
erv
i
ce
s
, w
it
h a durab
l
e
m
arke
t s
hare of approx
im
a
t
e
l
y 70%.
26. V
is
a’
s
nex
t
c
l
o
s
e
st
r
i
va
l is M
a
st
ercard, wh
i
ch
is
around one-
t
h
i
rd
t
he
si
ze of V
is
a
i
n on
li
ne deb
it
.
M
a
st
ercard ha
s
no
t
con
st
ra
i
ned V
is
a’
s m
onopo
l
y power by forc
i
ng
it t
o
l
ower
pr
i
ce
s t
o
m
erchan
ts
and con
s
u
m
er
s
.
M
erchan
ts t
ha
t
accep
t
deb
it
pay
m
en
ts
have no cho
i
ce bu
t t
o
accep
t
V
is
a. In con
t
ra
st t
o cred
it
card
s
,
m
o
st
con
s
u
m
er
s
carry on
l
y one deb
it
card. A con
s
u
m
er
w
it
h a V
is
a deb
it
card canno
t
u
s
e a
M
a
st
ercard deb
it
card
t
o w
it
hdraw fund
s
fro
m t
he
s
a
m
e
check
i
ng accoun
t
.
27. V
is
a ha
s s
ecured
l
ong-
t
er
m
con
t
rac
ts
w
it
h
m
any of
t
he
l
arge
st
f
i
nanc
i
a
l
i
n
stit
u
ti
on
s i
n
t
he Un
it
ed
St
a
t
e
s
, for
ti
fy
i
ng
t
he barr
i
er
s t
ha
t
he
l
p
m
a
i
n
t
a
i
n
its m
onopo
l
y. The
s
e
con
t
rac
ts limit t
he
s
e f
i
nanc
i
a
l i
n
stit
u
ti
on
s
’ ab
ilit
y
t
o
iss
ue deb
it
card
s
fro
m M
a
st
ercard, V
is
a’
s
on
l
y
m
ean
i
ngfu
l
co
m
pe
tit
or for card
iss
uance. V
is
a under
st
and
s t
ha
t M
a
st
ercard ha
s littl
e ab
ilit
y
-8-
C
O
MP
LAINT
5
10
15
20
25
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2
3
4
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7
8
9
11
12
13
14
16
17
18
19
21
22
23
24
26
27
28
t
o d
is
p
l
ace V
is
a’
s
re
l
a
ti
on
s
h
i
p
s
w
it
h
t
ho
s
e f
i
nanc
i
a
l i
n
stit
u
ti
on
s
and con
s
equen
tl
y
littl
e ab
ilit
y
t
o
grow
its s
hare of con
s
u
m
er
s
’ wa
ll
e
ts
.
28.
M
erchan
ts
are charged
t
wo
t
ype
s
of fee
s
by V
is
a and
its
par
t
ner bank
s
, bo
t
h
s
e
t
by
V
is
a
: t
he “ne
t
work” fee
s
V
is
a co
ll
ec
ts t
o proce
ss t
he
t
ran
s
ac
ti
on, and
t
he “
i
n
t
erchange” fee
s t
ha
t
V
is
a co
m
pe
ls m
erchan
ts t
o pay
t
he bank
s t
ha
t iss
ue V
is
a-branded deb
it
card
s
. Taken
t
oge
t
her,
t
he deb
it
ne
t
work and
i
n
t
erchange fee
s t
ha
t
V
is
a and
its
par
t
ner bank
s
co
ll
ec
t
co
st
U.
S
.
m
erchan
ts
and con
s
u
m
er
s m
ore
t
han $6 b
illi
on per year.
29. Wh
il
e con
s
u
m
er
s
do no
t
pay V
is
a d
i
rec
tl
y
t
o u
s
e
its
pay
m
en
t
ne
t
work – and
re
l
a
ti
ve
l
y few earn
si
gn
i
f
i
can
t
reward
s
on V
is
a deb
it t
ran
s
ac
ti
on
s
– con
s
u
m
er
s i
nd
i
rec
tl
y pay for
V
is
a’
s t
ran
s
ac
ti
on fee
s i
n
t
he pr
i
ce of
t
he good
s
and
s
erv
i
ce
s t
hey buy fro
m m
erchan
ts
. In
t
h
is
way, V
is
a’
s
exce
ssi
ve deb
it
fee
s
opera
t
e a
s
a
t
ax on
m
erchan
ts t
ha
t is
pa
ss
ed on
t
o con
s
u
m
er
s
and burden
s t
he en
ti
re econo
m
y.
30.
R
ecogn
i
z
i
ng
t
he burden
im
po
s
ed by h
i
gh deb
it
fee
s
and
t
he barr
i
er
s t
o
co
m
pe
titi
on
i
n
t
he
m
arke
t
for deb
it t
ran
s
ac
ti
on
s
,
C
ongre
ss s
ough
t t
o “correc
t t
he
m
arke
t
defec
ts
t
ha
t
were con
t
r
i
bu
ti
ng
t
o h
i
gh and e
s
ca
l
a
ti
ng fee
s
” w
it
h
t
he Durb
i
n A
m
end
m
en
t
of
t
he 2010
Dodd-
F
rank Wa
ll St
ree
t R
efor
m
and
C
on
s
u
m
er
P
ro
t
ec
ti
on Ac
t
,
P
ub. L. No. 111-203, 124
St
a
t
.
1376 (2010). The Durb
i
n A
m
end
m
en
t
a
im
ed
t
o reduce h
i
gh fee
s
charged by deb
it
ne
t
work
s
w
it
h
a regu
l
a
t
ory cap and
i
ncrea
s
e
t
he nu
m
ber of
m
ean
i
ngfu
l
deb
it
co
m
pe
tit
or
s
.
31.
B
u
t t
he Durb
i
n A
m
end
m
en
t
cap
s
on
l
y
i
n
t
erchange fee
s t
ha
t
accrue
t
o V
is
a’
s l
arge
iss
u
i
ng bank
s
, and doe
s
no
t
regu
l
a
t
e
t
he ne
t
work fee
s t
ha
t
accrue
t
o V
is
a. A
s
a re
s
u
lt
, V
is
a ha
s
re
s
ponded by
im
po
si
ng new fee
s
on
m
erchan
ts t
ha
t
under
mi
ne
t
he effec
ti
vene
ss
of
t
he Durb
i
n
A
m
end
m
en
t
’
s
fee cap
s
. Even af
t
er enac
tm
en
t
of
t
he Durb
i
n A
m
end
m
en
t
, V
is
a e
stim
a
t
e
s t
ha
t it
earn
s
an 88% opera
ti
ng
m
arg
i
n fro
m its
ne
t
work fee
s
on deb
it
pay
m
en
ts
,
ill
u
st
ra
ti
ng
its
durab
l
e
m
onopo
l
y power.
32. The Durb
i
n A
m
end
m
en
t
a
ls
o requ
i
re
s
V
is
a and
M
a
st
ercard deb
it
card
s t
o
i
nc
l
ude
a fea
t
ure
t
ha
t
a
ll
ow
s m
erchan
ts t
o proce
ss t
ran
s
ac
ti
on
s
u
si
ng one of
t
he
s
o-ca
ll
ed “
P
IN” deb
it
ne
t
work
s
. The
s
e
sm
a
ll
er
P
IN ne
t
work
s
,
s
uch a
s
Acce
l
,
St
ar, NY
C
E, and
P
u
ls
e, have
s
o
m
e
m
ean
i
ngfu
l
pre
s
ence for
i
n-per
s
on deb
it t
ran
s
ac
ti
on
s
, bu
t
have ye
t t
o overco
m
e
t
he barr
i
er
s t
o
-9-
C
O
MP
LAINT
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10
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18
19
21
22
23
24
26
27
28
en
t
ry for on
li
ne
t
ran
s
ac
ti
on
s
. Th
is is i
n par
t
becau
s
e V
is
a ha
s
erec
t
ed
t
echno
l
og
i
ca
l
barr
i
er
s
(
s
uch a
s
V
is
a’
s t
oken
i
za
ti
on
s
erv
i
ce, wh
i
ch w
it
hho
l
d
s
e
ss
en
ti
a
l
da
t
a fro
m P
IN ne
t
work
s
) and
en
t
ered
i
n
t
o re
st
r
i
c
ti
ve agree
m
en
ts t
ha
t
d
isi
ncen
ti
v
i
ze
t
he u
s
e of
P
IN ne
t
work
s
. A
s
a re
s
u
lt
,
m
erchan
ts
do no
t
u
s
e
P
IN ne
t
work
s i
n any
si
gn
i
f
i
can
t
vo
l
u
m
e
t
o proce
ss
on
li
ne
t
ran
s
ac
ti
on
s
, and
i
n
st
ead pay h
i
gher fee
s t
o u
s
e V
is
a and
M
a
st
ercard ne
t
work
s
.
B
. Pay-
b
y-
B
a
nk is
a New Form of
Onlin
e De
bi
t
S
erv
i
ce t
h
at
Th
reate
ns
V
is
a’
s
Mo
n
o
p
o
l
y
33.
F
or
t
he f
i
r
st tim
e
i
n
m
any year
s
, a new
t
ype of pay
m
en
ts s
erv
i
ce
is
po
is
ed
t
o
t
ake
s
hare away fro
m
V
is
a’
s
on
li
ne deb
it
bu
si
ne
ss
.
P
ay-by-bank
is
a for
m
of on
li
ne deb
it t
ha
t
u
s
e
s
a
con
s
u
m
er’
s
on
li
ne bank accoun
t
creden
ti
a
ls
(
i
.e. a con
s
u
m
er’
s
on
li
ne bank
i
ng u
s
erna
m
e and
pa
ss
word) – ra
t
her
t
han deb
it
card creden
ti
a
ls
–
t
o
i
den
ti
fy and ver
i
fy
t
he u
s
er, bank, accoun
t
nu
m
ber and ba
l
ance, and fac
ilit
a
t
e pay
m
en
ts t
o
m
erchan
ts
d
i
rec
tl
y fro
m t
he con
s
u
m
er’
s
bank
accoun
t
.
34.
P
ay-by-bank deb
it s
erv
i
ce
s
are a
l
ready w
i
de
l
y ava
il
ab
l
e
i
n o
t
her coun
t
r
i
e
s
. A
pay-by-bank p
l
a
t
for
m
fac
ilit
a
t
e
s
con
s
u
m
er-
t
o-bu
si
ne
ss
pay
m
en
ts
by prov
i
d
i
ng equ
i
va
l
en
t
end-
t
o-
end func
ti
ona
lit
y a
s t
he V
is
a deb
it
ne
t
work
: it
au
t
hor
i
ze
s
pay
m
en
t
fro
m
a con
s
u
m
er’
s
bank
accoun
t
, fac
ilit
a
t
e
s
co
mm
un
i
ca
ti
on
s
w
it
h
t
he con
s
u
m
er’
s
bank
t
o c
l
ear
t
he
t
ran
s
ac
ti
on, and
prov
i
de
s s
e
ttl
e
m
en
t s
erv
i
ce
s
by
i
n
iti
a
ti
ng a pay
m
en
t t
o
t
he
m
erchan
t
’
s
f
i
nanc
i
a
l i
n
stit
u
ti
on.
P
ay-
by-bank deb
it s
erv
i
ce
s
can co
m
p
l
e
t
e
t
h
is
f
i
na
l t
ran
s
fer of fund
s
u
si
ng Au
t
o
m
a
t
ed
Cl
ear
i
ng Hou
s
e
(“A
C
H”) or ano
t
her
l
ow-co
st
a
lt
erna
ti
ve
t
o V
is
a’
s
deb
it
ne
t
work.
35. A
C
H enab
l
e
s s
e
ttl
e
m
en
t
of
t
ran
s
ac
ti
on
s t
hrough
m
oney
t
ran
s
fer
s
over a ne
t
work
m
anaged by
t
wo u
tilit
y-
li
ke opera
t
or
s
, one run by
t
he
F
edera
l R
e
s
erve and
t
he o
t
her opera
t
ed by
The
Cl
ear
i
ng Hou
s
e, wh
i
ch
is
owned by a con
s
or
ti
u
m
of bank
s
. A pay-by-bank deb
it t
ran
s
ac
ti
on
u
si
ng A
C
H
s
e
ttl
e
m
en
t is
u
s
ua
ll
y
m
uch
l
e
ss
expen
si
ve
t
han a deb
it t
ran
s
ac
ti
on proce
ss
ed by a
card ne
t
work
li
ke V
is
a.
36.
B
ank
s t
yp
i
ca
ll
y charge
m
erchan
ts
f
l
a
t
ra
t
e
s
rang
i
ng fro
m t
wo ($0.02)
t
o
t
wen
t
y-
f
i
ve cen
ts
($0.25) for A
C
H
t
ran
s
ac
ti
on
s
, wherea
s
V
is
a deb
it t
ran
s
ac
ti
on
s t
yp
i
ca
ll
y co
st t
wen
t
y-
t
wo cen
ts
($0.22) p
l
u
s
a percen
t
age of
t
he overa
ll
va
l
ue of
t
he
t
ran
s
ac
ti
on, wh
i
ch can be
-10-
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O
MP
LAINT
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10
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2
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7
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9
11
12
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16
17
18
19
21
22
23
24
26
27
28
si
gn
i
f
i
can
t
.
F
or exa
m
p
l
e,
m
erchan
ts
and con
s
u
m
er
s t
yp
i
ca
ll
y pay rough
l
y
t
h
i
r
t
y-n
i
ne cen
ts
($0.39)
t
o proce
ss
a $60 deb
it t
ran
s
ac
ti
on (
t
he average on
li
ne deb
it t
ran
s
ac
ti
on
si
ze)
t
hrough
V
is
a’
s
ne
t
work, co
m
pared
t
o a
s littl
e a
s t
wo cen
ts
($0.02)
t
hrough A
C
H, a 95%
s
av
i
ng
s
.
B
y
harne
ssi
ng
t
he
s
e
s
av
i
ng
s
u
si
ng
its
be
st
-
i
n-c
l
a
ss t
echno
l
ogy and ex
isti
ng re
l
a
ti
on
s
h
i
p
s
w
it
h bank
s
and con
s
u
m
er
s
,
Pl
a
i
d
st
and
s t
o
s
ave
m
erchan
ts
and con
s
u
m
er
s
hundred
s
of
milli
on
s
of do
ll
ar
s
per year
i
n deb
it
fee
s
.
C. P
l
a
id is
U
niqu
e
l
y
Si
t
u
ate
d
to C
h
a
ll
e
n
ge V
is
a
37.
Pl
a
i
d’
s t
echno
l
ogy curren
tl
y prov
i
de
s
an ea
s
y
i
n
t
erface for f
i
n
t
ech app
s t
o co
ll
ec
t
con
s
u
m
er
s
’ f
i
nanc
i
a
l
da
t
a, w
it
h con
s
u
m
er per
missi
on. When a con
s
u
m
er
si
gn
s
up w
it
h a
Pl
a
i
d-
s
uppor
t
ed f
i
n
t
ech app and prov
i
de
s
her bank
l
og-
i
n creden
ti
a
ls
,
Pl
a
i
d u
s
e
s t
ho
s
e creden
ti
a
ls t
o
acce
ss t
he con
s
u
m
er’
s
f
i
nanc
i
a
l i
n
stit
u
ti
on and ob
t
a
i
n
t
he con
s
u
m
er’
s
f
i
nanc
i
a
l
da
t
a, wh
i
ch
it
t
ran
smits
back
t
o
t
he f
i
n
t
ech app. The da
t
a
Pl
a
i
d re
t
r
i
eve
s
range
s
fro
m
ba
si
c
i
den
ti
fy
i
ng
i
nfor
m
a
ti
on,
s
uch a
s
accoun
t
and rou
ti
ng nu
m
ber
s
,
t
o de
t
a
il
ed
t
ran
s
ac
ti
on h
ist
ory and c
l
o
s
e
t
o
rea
l
-
tim
e accoun
t
ba
l
ance
i
nfor
m
a
ti
on. Th
is
da
t
a a
ll
ow
s
f
i
n
t
ech app
s t
o offer per
s
ona
l
f
i
nanc
i
a
l
m
anage
m
en
t t
oo
ls
,
m
anage b
ill
pay
m
en
ts
or o
t
her expen
s
e
s
,
s
uppor
t l
oan underwr
iti
ng, and
t
ran
s
fer fund
s
, a
m
ong o
t
her u
s
e
s
.
Pl
a
i
d’
s s
erv
i
ce
s
can a
ls
o be u
s
ed
t
o reduce fraud by ver
i
fy
i
ng
t
he con
s
u
m
er’
s i
den
tit
y and accoun
t
ba
l
ance, exa
mi
n
i
ng
t
he con
s
u
m
er’
s
bank accoun
t
h
ist
ory,
a
ss
ur
i
ng
t
ha
t
a
t
ran
s
ac
ti
on
is
bona f
i
de, and conf
i
r
mi
ng
t
ha
t t
here are
s
uff
i
c
i
en
t
fund
s t
o cover a
t
ran
s
ac
ti
on a
t t
he
tim
e of pay
m
en
t
.
38.
Pl
a
i
d
is
un
i
que
l
y po
siti
oned
t
o offer a pay-by-bank deb
it s
erv
i
ce
t
ha
t
wou
l
d
co
m
pe
t
e w
it
h V
is
a’
s
on
li
ne deb
it s
erv
i
ce
s
.
Pl
a
i
d a
l
ready
s
uppor
ts
over 2,600 f
i
n
t
ech app
s
,
i
nc
l
ud
i
ng 80% of
t
he
l
arge
st s
uch app
s i
n
t
he Un
it
ed
St
a
t
e
s
, and ha
s
a ne
t
work of
m
ore
t
han
11,000 U.
S
. f
i
nanc
i
a
l i
n
stit
u
ti
on
s
.
Pl
a
i
d a
ls
o connec
ts t
o over 200
milli
on con
s
u
m
er bank
accoun
ts t
hrough
its
ex
isti
ng
s
erv
i
ce
s
.
Pl
a
i
d’
s
ex
t
en
si
ve ex
isti
ng connec
ti
on
s
w
it
h bank
s
and
con
s
u
m
er
s
g
i
ve
s Pl
a
i
d a
s
ub
st
an
ti
a
l
co
m
pe
titi
ve advan
t
age
t
ha
t
canno
t
be ea
sil
y rep
li
ca
t
ed by
o
t
her f
i
r
ms
. I
t
a
ls
o he
l
p
s Pl
a
i
d
s
ur
m
oun
t t
he ch
i
cken-and-egg barr
i
er faced by po
t
en
ti
a
l
en
t
ran
ts
t
o on
li
ne deb
it: Pl
a
i
d a
l
ready connec
ts
w
it
h
milli
on
s
of con
s
u
m
er
s
’ deb
it
accoun
ts
,
m
ak
i
ng
t
he
m
-11-
C
O
MP
LAINT
5
10
15
20
25
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2
3
4
6
7
8
9
11
12
13
14
16
17
18
19
21
22
23
24
26
27
28
an a
tt
rac
ti
ve par
t
ner for
m
erchan
ts l
ook
i
ng for an a
lt
erna
ti
ve pay
m
en
ts
prov
i
der
t
ha
t
ha
s
a
l
ready
bu
ilt s
ca
l
e a
m
ong con
s
u
m
er
s
.
39. Accord
i
ng
t
o V
is
a,
Pl
a
i
d “ha
s
crea
t
ed a
l
ead
i
ng po
siti
on of
st
reng
t
h
i
n
t
he
bu
si
ne
ss
of connec
ti
ng f
i
nanc
i
a
l i
n
stit
u
ti
on
s i
n
t
he Un
it
ed
St
a
t
e
s
” and
is
“
t
he preferred connec
t
or
co
m
pany by deve
l
oper
s
.”
Pl
a
i
d
is
regarded by
t
he
i
ndu
st
ry a
s t
he be
st
of breed a
m
ong
co
m
pan
i
e
s t
ha
t
prov
i
de
simil
ar
s
erv
i
ce
s;
no
Pl
a
i
d co
m
pe
tit
or prov
i
de
s t
he
s
a
m
e h
i
gh-qua
lit
y
connec
ti
on
s t
o
s
uch a
l
arge nu
m
ber of f
i
n
t
ech cu
st
o
m
er
s
or f
i
nanc
i
a
l i
n
stit
u
ti
on
s
.
Pl
a
i
d’
s
f
i
n
t
ech
cu
st
o
m
er
s
are
li
ke
l
y
t
o
sti
ck w
it
h
Pl
a
i
d becau
s
e
t
hey face
s
ub
st
an
ti
a
l s
w
it
ch
i
ng co
sts
once
t
hey
i
n
t
egra
t
e w
it
h
Pl
a
i
d.
40.
Pl
a
i
d p
l
an
s t
o bu
il
d on
t
he
s
ucce
ss
of
its
curren
t s
erv
i
ce
s
by crea
ti
ng an “end-
t
o-
end pay
m
en
ts
ne
t
work
t
ha
t
enab
l
e
s i
n
st
an
tl
y-guaran
t
eed
m
oney
m
ove
m
en
t
”
i
n a
s
y
st
e
m
“
simil
ar
t
o V
is
a and
M
a
st
ercard, bu
t
focu
s
ed on bank-
li
nked pay
m
en
ts
.”
Pl
a
i
d’
s
on
li
ne pay-by-bank
deb
it s
erv
i
ce wou
l
d co
m
pe
t
e aga
i
n
st
V
is
a’
s
on
li
ne deb
it s
erv
i
ce
s
.
Pl
a
i
d’
s s
erv
i
ce wou
l
d g
i
ve
Pl
a
i
d and o
t
her f
i
n
t
ech
s t
he capab
ilit
y
t
o
m
ake a
s
ea
ml
e
ss
pay-by-bank deb
it t
ran
s
ac
ti
on, by
prov
i
d
i
ng a fraud r
is
k
s
core
s
erv
i
ce, bank
t
ran
s
fer
s
erv
i
ce, and a con
s
u
m
er-fac
i
ng
i
n
t
erface
a
ll
ow
i
ng a con
s
u
m
er
t
o ea
sil
y
s
w
it
ch fro
m
a deb
it
card
t
o pay-by-bank deb
it s
erv
i
ce
s
dur
i
ng
t
he
on
li
ne checkou
t
proce
ss
.
Pl
a
i
d ha
s s
een “
st
rong
i
n
t
ere
st
fro
m t
he f
i
e
l
d” for
its
fraud r
is
k
s
core
and bank
t
ran
s
fer
s
erv
i
ce
s
and
is
p
il
o
ti
ng
t
he
m
w
it
h
m
u
lti
p
l
e f
i
n
t
ech cu
st
o
m
er
s
.
41.
Pl
a
i
d’
s
deve
l
op
m
en
t
of
its
own end-
t
o-end pay-by-bank deb
it s
erv
i
ce d
i
rec
tl
y
t
hrea
t
en
s
V
is
a’
s
on
li
ne deb
it
bu
si
ne
ss
. Once dep
l
oyed,
Pl
a
i
d’
s s
erv
i
ce wou
l
d prov
i
de a re
li
ab
l
e,
l
e
ss
-expen
si
ve
m
e
t
hod of on
li
ne deb
it
pay
m
en
ts
by enab
li
ng con
s
u
m
er
s
and
m
erchan
ts t
o
t
ran
s
ac
t
for good
s
and
s
erv
i
ce
s
.
D. V
is
a
In
te
nds
to
Bu
y P
l
a
id
to
E
xt
in
g
uish
t
his Th
reat a
nd
Protect
i
t
s
U.
S
.
Onlin
e De
bi
t Mo
n
o
p
o
l
y
42. V
is
a
m
ade an
i
n
iti
a
l i
nve
stm
en
t i
n
Pl
a
i
d
i
n ear
l
y 2019. Through
t
ha
t i
nve
stm
en
t
,
V
is
a execu
ti
ve
s l
earned
m
ore abou
t Pl
a
i
d and ca
m
e
t
o under
st
and
t
ha
t Pl
a
i
d po
s
ed a
si
gn
i
f
i
can
t
t
hrea
t t
o V
is
a’
s
deb
it
bu
si
ne
ss
.
S
evera
l m
on
t
h
s l
a
t
er,
i
n
S
ep
t
e
m
ber 2019, one of
Pl
a
i
d’
s
co-
founder
s t
e
l
ephoned V
is
a’
s P
re
si
den
t t
o
i
nfor
m
h
im t
ha
t Pl
a
i
d wa
s
pu
tti
ng
its
e
l
f up for
s
a
l
e and
-12-
C
O
MP
LAINT
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18
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22
23
24
26
27
28
t
ha
t
V
is
a
s
hou
l
d expec
t t
o pay around $5 b
illi
on
i
f
it
wan
t
ed
t
o acqu
i
re
Pl
a
i
d. V
is
a
s
aw
t
ha
t it
had
t
o ac
t
or r
is
k
Pl
a
i
d fa
lli
ng
i
n
t
o
t
he hand
s
of a r
i
va
l t
ha
t
cou
l
d u
s
e
Pl
a
i
d
t
o co
m
pe
t
e aga
i
n
st
V
is
a
i
n on
li
ne deb
it
.
43. V
is
a
s
e
t t
o work ver
i
fy
i
ng wha
t m
ake
s Pl
a
i
d a un
i
que co
m
pe
titi
ve
t
hrea
t
. I
t
i
den
ti
f
i
ed
Pl
a
i
d’
s
par
ti
cu
l
ar
st
reng
t
h
s t
hrough due d
ili
gence,
s
pend
i
ng
t
hou
s
and
s
of hour
s
rev
i
ew
i
ng a
ll
a
s
pec
ts
of
Pl
a
i
d’
s
bu
si
ne
ss
. V
is
a a
ls
o conf
i
r
m
ed
t
ha
t
no o
t
her f
i
r
m
wa
s i
n a
po
siti
on
t
o rep
li
ca
t
e or d
is
p
l
ace
Pl
a
i
d. A
s
V
is
a’
s C
h
i
ef
P
roduc
t
Off
i
cer exp
l
a
i
ned,
Pl
a
i
d “ha
s
a
head
st
ar
t i
n a ne
t
work bu
si
ne
ss
and have been a h
i
gh
l
y co
m
pe
lli
ng and a
tt
rac
ti
ve deve
l
oper
va
l
ue propo
siti
on w
it
h 40% of A
m
er
i
can bank
s
accoun
ts
enro
ll
ed –
i
n
t
he U
S t
hey have a
ne
t
work
m
oa
t
.” Th
is
v
i
ew wa
s s
hared by V
is
a’
s C
EO, who de
s
cr
i
bed
Pl
a
i
d a
s
“by far
t
he be
st
p
l
ayer
i
n
t
he
s
pace” w
it
h “a huge
l
ead
i
n
t
he connec
t
or bu
si
ne
ss
.”
44. A
s
V
is
a
l
earned
m
ore abou
t Pl
a
i
d’
s
effor
ts t
o
l
aunch
its
own pay-by-bank deb
it
s
erv
i
ce
t
ha
t
wou
l
d d
i
rec
tl
y co
m
pe
t
e w
it
h V
is
a,
its
execu
ti
ve
s
grew
i
ncrea
si
ng
l
y a
l
ar
m
ed. Dur
i
ng
an ear
l
y Nove
m
ber 2019
m
ee
ti
ng
i
nvo
l
v
i
ng execu
ti
ve
s
fro
m
bo
t
h f
i
r
ms
,
Pl
a
i
d’
s
co-founder
exp
l
a
i
ned how
Pl
a
i
d’
s
na
s
cen
t t
echno
l
ogy wou
l
d a
ll
ow
m
erchan
ts t
o
s
h
i
f
t t
ran
s
ac
ti
on
s
ea
sil
y
fro
m t
rad
iti
ona
l
for
ms
of on
li
ne deb
it t
o
Pl
a
i
d’
s
pay-by-bank deb
it s
erv
i
ce. Th
is
pro
m
p
t
ed a
s
en
i
or V
is
a execu
ti
ve
t
o repor
t i
n
t
erna
ll
y
t
ha
t Pl
a
i
d’
s
co-founder had “de
s
cr
i
bed
t
he
s
erv
i
ce w
it
h
t
he
j
oy of
s
o
m
eone who forgo
t
we had 70%
s
hare.” U
ltim
a
t
e
l
y, V
is
a recogn
i
zed
t
ha
t t
he be
st
cour
s
e of ac
ti
on for
its
bu
si
ne
ss
wa
s t
o e
limi
na
t
e
Pl
a
i
d a
s
a co
m
pe
titi
ve
t
hrea
t
by purcha
si
ng
Pl
a
i
d
its
e
l
f. In
i
n
t
erna
l
docu
m
en
ts
, a V
is
a execu
ti
ve ob
s
erved
t
ha
t
“[
t
]he acqu
isiti
on
is i
n par
t
defen
si
ve, no
t j
u
st
for V
is
a bu
t
a
ls
o on beha
l
f of our
l
arge
st iss
u
i
ng [bank] c
li
en
ts
, who
m
we
be
li
eve have a
l
o
t t
o
l
o
s
e
i
f [pay-by-bank
t
ran
s
ac
ti
on
s
] acce
l
era
t
e a
s t
he re
s
u
lt
of
Pl
a
i
d
l
and
i
ng
i
n
t
he wrong hand
s
. I
t is i
n our co
ll
ec
ti
ve
i
n
t
ere
st t
o
m
anage
t
he evo
l
u
ti
on of
t
he
s
e pay
m
en
t
for
ms
i
n a way
t
ha
t
pro
t
ec
ts t
he co
mm
erc
i
a
l
re
s
u
lts
we
m
u
t
ua
ll
y rea
li
ze
t
hrough card-ba
s
ed
pay
m
en
ts
.”
-13-
C
O
MP
LAINT
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2
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9
11
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18
19
21
22
23
24
26
27
28
E
. V
is
a
H
a
s
a
His
tory of
I
m
p
e
din
g
En
try a
nd E
x
p
a
nsi
o
n in
to
Onlin
e De
bi
t
S
erv
i
ce
s
45. V
is
a’
s
propo
s
ed acqu
isiti
on of
Pl
a
i
d f
its
w
it
h
i
n an e
st
ab
lis
hed pa
tt
ern of V
is
a
t
ry
i
ng
t
o
t
hwar
t
o
t
her
s
fro
m
cha
ll
eng
i
ng
its m
onopo
l
y power.
S
pec
i
f
i
ca
ll
y, V
is
a ha
s
a
l
ong
h
ist
ory of pro
t
ec
ti
ng
its m
onopo
l
y
i
n on
li
ne deb
it
by en
t
er
i
ng
i
n
t
o con
t
rac
ts t
ha
t
fore
st
a
ll
en
t
ry
and coop
t
wou
l
d-be r
i
va
ls
w
it
h
l
ucra
ti
ve par
t
ner
s
h
i
p
s
. In add
iti
on
t
o
l
ock
i
ng up
m
any of
t
he
l
arge
st
U.
S
. f
i
nanc
i
a
l i
n
stit
u
ti
on
s
w
it
h
l
ong-
t
er
m
, re
st
r
i
c
ti
ve con
t
rac
ts t
ha
t limit t
he
s
e bank
s
’
ab
ilit
y
t
o
iss
ue deb
it
card
s
fro
m
V
is
a co
m
pe
tit
or
s
, V
is
a ha
s
en
t
ered
i
n
t
o a nu
m
ber of
“par
t
ner
s
h
i
p
s
”
t
ha
t
benef
it
V
is
a a
t t
he expen
s
e of
m
erchan
ts
and con
s
u
m
er
s
. Th
is
conduc
t
ha
s
preven
t
ed cheaper,
m
ore eff
i
c
i
en
t
on
li
ne deb
it
op
ti
on
s
fro
m
ga
i
n
i
ng
t
rac
ti
on.
46.
F
or exa
m
p
l
e,
i
n 2016,
P
ay
P
a
l s
ough
t t
o d
i
ver
t
bu
si
ne
ss
fro
m t
rad
iti
ona
l
on
li
ne
deb
it
prov
i
der
s li
ke V
is
a by u
si
ng
l
ower-co
st
pay
m
en
t m
e
t
hod
s t
ha
t m
oved
m
oney v
i
a A
C
H. In
re
s
pon
s
e, V
is
a pub
li
c
l
y
t
hrea
t
ened
t
o
t
arge
t P
ay
P
a
l
“
i
n way
s
peop
l
e have never
s
een before.”
Af
t
er
iss
u
i
ng
its t
hrea
ts
, V
is
a
i
nduced
P
ay
P
a
l t
o
st
op pro
m
o
ti
ng a
lt
erna
ti
ve pay
m
en
t m
e
t
hod
s
and
t
o
i
n
st
ead pro
m
o
t
e V
is
a deb
it i
n exchange for
si
gn
i
f
i
can
t
f
i
nanc
i
a
l
benef
its
. A
s
V
is
a’
s S
en
i
or
V
i
ce
P
re
si
den
t
and Head of
P
roduc
t
for Nor
t
h A
m
er
i
ca exp
l
a
i
ned,
P
ay
P
a
l
ha
s
been
l
e
ss
of a
t
hrea
t t
o V
is
a’
s
on
li
ne deb
it
bu
si
ne
ss i
n recen
t
year
s
becau
s
e “V
is
a and
P
ay
P
a
l
have f
i
gured ou
t
a
way
t
o be par
t
ner
s
, a
s
oppo
s
ed
t
o,
s
or
t
of, d
i
rec
t
co
m
pe
tit
or
s
” and have found “way
s t
o work
t
oge
t
her, a
s
oppo
s
ed
t
o no
t
work
t
oge
t
her.”
47. In ano
t
her exa
m
p
l
e, V
is
a
i
nduced a
m
a
j
or
t
echno
l
ogy co
m
pany
t
o agree no
t t
o
“bu
il
d,
s
uppor
t
or
i
n
t
roduce pay
m
en
t t
echno
l
og
i
e
s t
ha
t
d
isi
n
t
er
m
ed
i
a
t
e V
is
a”
i
n exchange for
s
ub
st
an
ti
a
l
fee reduc
ti
on
s
. In curren
t
nego
ti
a
ti
on
s t
o renew
t
h
is
ongo
i
ng agree
m
en
t
, V
is
a
is
de
m
and
i
ng
t
ha
t t
he
t
echno
l
ogy co
m
pany con
ti
nue
t
o ab
i
de by V
is
a’
s
exc
l
u
si
onary prac
ti
ce
s
,
i
nc
l
ud
i
ng no
t
encourag
i
ng cu
st
o
m
er
s t
o u
s
e
l
e
ss
expen
si
ve pay
m
en
t m
e
t
hod
s
and proh
i
b
iti
ng
“
m
arke
ti
ng
t
o non V
is
a op
ti
on
s
dur
i
ng pay
m
en
t
checkou
t
.”
48.
Simil
ar
l
y, V
is
a recen
tl
y pu
s
hed a
l
arge pay
m
en
t
proce
ss
or
t
o
limit its
u
s
e of
a
lt
erna
ti
ve pay
m
en
t m
e
t
hod
s
becau
s
e of
t
he “
st
ra
t
eg
i
c r
is
k”
t
ho
s
e a
lt
erna
ti
ve pay
m
en
t m
e
t
hod
s
pre
s
en
t t
o V
is
a.
-14-
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O
MP
LAINT
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19
21
22
23
24
26
27
28
49. In add
iti
on, V
is
a ha
s i
nh
i
b
it
ed
t
he adop
ti
on of a
lt
erna
ti
ve
l
ower-co
st
ne
t
work
s
for
on
li
ne deb
it
by d
isi
ncen
ti
v
i
z
i
ng bank
s
fro
m
enab
li
ng
t
he u
s
e of a
lt
erna
ti
ve deb
it
ne
t
work
s
. V
is
a
ha
s
a
ls
o
ti
ed up
m
erchan
ts
’ ab
iliti
e
s t
o
s
e
l
ec
t l
e
ss
expen
si
ve a
lt
erna
ti
ve ne
t
work
s
for proce
ssi
ng
deb
it
pay
m
en
ts t
hrough re
st
r
i
c
ti
ve ru
l
e
s
and agree
m
en
ts
,
t
hereby he
l
p
i
ng V
is
a grow and
m
a
i
n
t
a
i
n
its m
onopo
l
y
i
n on
li
ne deb
it
.
50. Each of
t
he
s
e ac
ti
on
s
ha
s
pro
t
ec
t
ed V
is
a’
s
on
li
ne deb
it m
onopo
l
y fro
m t
he
t
hrea
t
of d
is
rup
ti
ve en
t
ran
ts
, a
t t
he expen
s
e of
m
erchan
ts
and con
s
u
m
er
s
.
R
ELE
VAN
T
MAR
KET
A. Pro
du
ct Mar
k
et
51. On
li
ne deb
it tr
an
s
ac
ti
on
s
(
“
on
li
ne deb
it”
).
P
rov
i
der
s
of on
li
ne deb
it t
ran
s
ac
ti
on
s
s
erve a
s i
n
t
er
m
ed
i
ar
i
e
s
be
t
ween con
s
u
m
er
s
and
m
erchan
ts
, opera
ti
ng
t
wo-
si
ded
t
ran
s
ac
ti
on
s
p
l
a
t
for
ms t
ha
t
fac
ilit
a
t
e on
li
ne
t
ran
s
ac
ti
on
s
be
t
ween
m
erchan
ts
and con
s
u
m
er
s
fro
m t
he
i
r
re
s
pec
ti
ve bank accoun
ts
. On
li
ne deb
it
pay
m
en
ts
are
m
ade fro
m
fund
s t
ha
t
are a
l
ready pre
s
en
t i
n
a con
s
u
m
er’
s
bank accoun
t i
n
st
ead of re
l
y
i
ng on a
li
ne of cred
it
. V
is
a’
s t
rad
iti
ona
l
card-ba
s
ed
deb
it
ne
t
work fac
ilit
a
t
e
s t
he
t
ran
s
fer of fund
s
be
t
ween
m
erchan
ts
and con
s
u
m
er
s
by re
l
y
i
ng on a
bank-
iss
ued deb
it
creden
ti
a
l t
o
i
den
ti
fy
t
he con
s
u
m
er.
Pl
a
i
d prov
i
de
s
an a
lt
erna
ti
ve
m
echan
ism
t
o fac
ilit
a
t
e pay
m
en
ts
be
t
ween con
s
u
m
er
s
and
m
erchan
ts t
ha
t
u
s
e
s
a con
s
u
m
er’
s
on
li
ne bank
l
og
i
n creden
ti
a
ls t
o
i
den
ti
fy
t
he con
s
u
m
er and fac
ilit
a
t
e pay
m
en
ts
v
i
a A
C
H.
52. The on
li
ne deb
it m
arke
t i
nc
l
ude
s t
rad
iti
ona
l
on
li
ne deb
it s
erv
i
ce
s
and e
m
erg
i
ng
pay-by-bank deb
it s
erv
i
ce
s
.
B
o
t
h
t
he
t
rad
iti
ona
l
on
li
ne deb
it s
erv
i
ce
s
and new pay-by-bank deb
it
s
erv
i
ce
s
enab
l
e con
s
u
m
er
s t
o pay for good
s
and
s
erv
i
ce
s
d
i
rec
tl
y fro
m t
he fund
s i
n
t
he
i
r bank
accoun
ts
and
m
erchan
ts t
o accep
t
pay
m
en
ts
drawn fro
m
con
s
u
m
er bank accoun
ts
.
53. On
li
ne deb
it i
n
t
he Un
it
ed
St
a
t
e
s
con
stit
u
t
e
s
a re
l
evan
t
produc
t m
arke
t
under
t
he
an
tit
ru
st l
aw
s
.
F
ew
m
erchan
ts
or con
s
u
m
er
s
wou
l
d f
i
nd a
lt
erna
ti
ve pay
m
en
t s
erv
i
ce
s t
o be a
s
u
it
ab
l
e
s
ub
stit
u
t
e for on
li
ne deb
it
. Thu
s
,
t
here are no rea
s
onab
l
e
s
ub
stit
u
t
e
s
for on
li
ne deb
it
, and
a f
i
r
m t
ha
t
wa
s t
he on
l
y
s
e
ll
er of on
li
ne deb
it s
erv
i
ce
s
wou
l
d be ab
l
e
t
o
m
a
i
n
t
a
i
n pr
i
ce
s
above
t
he
l
eve
l t
ha
t
wou
l
d preva
il i
n a co
m
pe
titi
ve
m
arke
t
.
-15-
C
O
MP
LAINT
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24
26
27
28
54. In-per
s
on deb
it
pay
m
en
ts
, known a
s
“card pre
s
en
t
” pay
m
en
ts
, are no
t
rea
s
onab
l
y
i
n
t
erchangeab
l
e becau
s
e, un
li
ke an on
li
ne deb
it
pay
m
en
t
,
t
he con
s
u
m
er
m
u
st
be phy
si
ca
ll
y
pre
s
en
t i
n a
st
ore or u
si
ng a phy
si
ca
l
deb
it
card a
t
a pay
m
en
t t
er
mi
na
l t
o
m
ake a card-pre
s
en
t
deb
it
pay
m
en
t
.
55.
C
red
it
card pay
m
en
ts
a
ls
o are no
t
rea
s
onab
l
y
i
n
t
erchangeab
l
e w
it
h on
li
ne deb
it
becau
s
e deb
it
pay
m
en
ts
draw fro
m
fund
s
a
l
ready
i
n a con
s
u
m
er’
s
bank accoun
t
, ra
t
her
t
han
draw
i
ng fro
m
a
li
ne of cred
it
. The d
isti
nc
ti
on be
t
ween cred
it
and deb
it is
w
i
de
l
y accep
t
ed
i
n
t
he
pay
m
en
ts i
ndu
st
ry. V
is
a and o
t
her card ne
t
work
s
have d
i
fferen
t
pr
i
c
i
ng
s
y
st
e
ms
for deb
it
and
cred
it t
ran
s
ac
ti
on
s
, and
t
he Durb
i
n A
m
end
m
en
t
’
s limit
a
ti
on
s
on
t
ran
s
ac
ti
on fee
s
app
l
y on
l
y
t
o
deb
it
.
M
any con
s
u
m
er
s
do no
t
qua
li
fy for cred
it
card
s
or have a
st
rong preference for pay
i
ng ou
t
of
t
he
i
r ex
isti
ng fund
s
ra
t
her
t
han
t
ak
i
ng on deb
t t
o
m
ake purcha
s
e
s
u
si
ng a
li
ne of cred
it
, wh
i
ch
can be f
i
nanc
i
a
ll
y r
is
ky.
56.
P
ay
m
en
ts m
ade
t
hrough ba
si
c A
C
H
t
ran
s
fer
s
offered by The
Cl
ear
i
ng Hou
s
e or
t
he
F
edera
l R
e
s
erve are of
t
en u
s
ed for d
is
bur
s
e
m
en
ts
, paycheck
s
,
i
n
t
erbank
s
e
ttl
e
m
en
ts
, and
recurr
i
ng f
i
xed pay
m
en
ts li
ke
m
or
t
gage and
t
u
iti
on pay
m
en
ts
. A ba
si
c A
C
H
t
ran
s
fer
is
no
t
rea
s
onab
l
y
i
n
t
erchangeab
l
e for
m
o
st
on
li
ne deb
it t
ran
s
ac
ti
on
s
. A
C
H
t
ran
s
fer
s
are
i
nconven
i
en
t
for con
s
u
m
er
s
becau
s
e
t
hey requ
i
re a burden
s
o
m
e onboard
i
ng proce
ss i
n wh
i
ch
t
he con
s
u
m
er
m
u
st
en
t
er her bank accoun
t
and rou
ti
ng
i
nfor
m
a
ti
on for each
m
erchan
t
, and
t
hen
t
ake
st
ep
s t
o
ver
i
fy her accoun
t
, wh
i
ch requ
i
re
s
add
iti
ona
l i
npu
t
and can
t
ake
s
evera
l
hour
s
or even day
s
.
A
C
H
t
ran
s
fer
s
are
i
nconven
i
en
t
for
m
erchan
ts
becau
s
e
it t
ake
s t
wo
t
o
t
hree day
s t
o de
t
er
mi
ne
whe
t
her a pay
m
en
t is s
ucce
ss
fu
l
, and
s
uch
t
ran
s
fer
s
are
m
ore
s
ub
j
ec
t t
o fraud.
57.
C
a
s
h pay
m
en
ts
are no
t
rea
s
onab
l
y
i
n
t
erchangeab
l
e for on
li
ne deb
it t
ran
s
ac
ti
on
s
becau
s
e ca
s
h canno
t
be u
s
ed for on
li
ne pay
m
en
ts
.
C
heck
s
are no
t
rea
s
onab
l
y
i
n
t
erchangeab
l
e for
on
li
ne deb
it t
ran
s
ac
ti
on
s
becau
s
e,
li
ke ca
s
h, check
s
are phy
si
ca
l t
oken
s t
ha
t
canno
t
read
il
y be
u
s
ed for on
li
ne pay
m
en
ts
.
58. On
li
ne deb
it t
ran
s
ac
ti
on
s
p
l
a
t
for
ms
are
t
wo-
si
ded
t
ran
s
ac
ti
on
s
p
l
a
t
for
ms t
ha
t
exh
i
b
it
a h
i
gh degree of
i
n
t
erdependency be
t
ween con
s
u
m
er
s
on
t
he one
si
de and
m
erchan
ts
on
t
he o
t
her.
C
on
s
u
m
er
s
ge
t m
ore va
l
ue fro
m
a ne
t
work
t
ha
t
connec
ts t
o
m
ore
m
erchan
ts
and
-16-
C
O
MP
LAINT
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2
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11
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18
19
21
22
23
24
26
27
28
m
erchan
ts
ge
t m
ore va
l
ue fro
m
a ne
t
work
t
ha
t
connec
ts t
o
m
ore con
s
u
m
er
s
. The on
li
ne deb
it
m
arke
t is
a
t
wo-
si
ded
m
arke
t
for
t
ran
s
ac
ti
on
s
be
t
ween
m
erchan
ts
and con
s
u
m
er
s
. The pr
i
ce for
an on
li
ne deb
it t
ran
s
ac
ti
on
t
ake
s
bo
t
h
si
de
s i
n
t
o accoun
t
.
B
.
G
eogra
phi
c Mar
k
et
59. The Un
it
ed
St
a
t
e
s is t
he re
l
evan
t
geograph
i
c
m
arke
t
.
B
o
t
h V
is
a and
Pl
a
i
d
t
rea
t
t
he Un
it
ed
St
a
t
e
s
a
s
a d
isti
nc
t
geograph
i
c
m
arke
t
, a
s
de
m
on
st
ra
t
ed
i
n par
t
by V
is
a’
s s
epara
t
e
ru
l
e
s
govern
i
ng
m
erchan
t
accep
t
ance
i
n
t
he Un
it
ed
St
a
t
e
s
and
its s
epara
t
e pr
i
c
i
ng of on
li
ne deb
it
pay
m
en
ts s
erv
i
ce
s t
o
m
erchan
ts i
n
t
he Un
it
ed
St
a
t
e
s
.
F
edera
l l
aw
s
and regu
l
a
ti
on
s t
ha
t
govern
on
li
ne deb
it t
ran
s
ac
ti
on
s
opera
t
e on a na
ti
ona
l l
eve
l
. A f
i
r
m t
ha
t
wa
s t
he on
l
y
s
e
ll
er of on
li
ne
deb
it i
n
t
he Un
it
ed
St
a
t
e
s
wou
l
d be ab
l
e
t
o
m
a
i
n
t
a
i
n pr
i
ce
s
above
t
he
l
eve
l t
ha
t
wou
l
d preva
il i
n a
co
m
pe
titi
ve
m
arke
t
.
AN
TI
C
O
MP
ETITI
V
E E
FF
E
C
TS
60. V
is
a ha
s m
onopo
l
y power
i
n
t
he on
li
ne deb
it m
arke
t
, w
it
h a durab
l
e
m
arke
t s
hare
of approx
im
a
t
e
l
y 70%
t
ha
t is
pro
t
ec
t
ed by h
i
gh barr
i
er
s t
o en
t
ry.
A. V
is
a’
s
Pro
p
o
s
e
d
Ac
quisi
t
i
o
n
of P
l
a
id
Wo
uld
Re
sul
t
in Hi
g
h
er Pr
i
ce
s
for
Onlin
e De
bi
t
T
ra
ns
act
i
o
ns
61.
Pl
a
i
d’
s
en
t
ry
i
n
t
o on
li
ne deb
it s
erv
i
ce
s
a
s
a pay-by-bank deb
it s
erv
i
ce wou
l
d erode
V
is
a’
s m
onopo
l
y power by g
i
v
i
ng
m
erchan
ts
and con
s
u
m
er
s
a cheaper,
m
ore
i
nnova
ti
ve
a
lt
erna
ti
ve
t
o V
is
a’
s
on
li
ne deb
it s
erv
i
ce
s
. Th
is
wou
l
d
li
ke
l
y re
s
u
lt i
n
l
ower pr
i
ce
s
for on
li
ne
deb
it t
ran
s
ac
ti
on
s
and a h
i
gher vo
l
u
m
e of on
li
ne deb
it t
ran
s
ac
ti
on
s
.
62.
B
ecau
s
e pay-by-bank fee
s t
o
m
erchan
ts
are con
si
derab
l
y
l
ower
t
han V
is
a’
s
on
li
ne
deb
it
fee
s
,
m
any
m
erchan
ts
wou
l
d
li
ke
l
y
s
eek
t
o
m
ove on
li
ne
t
ran
s
ac
ti
on
s
fro
m
V
is
a’
s
deb
it
s
erv
i
ce
t
o
Pl
a
i
d’
s
pay-by bank deb
it s
erv
i
ce a
t t
he po
i
n
t
of
s
a
l
e.
M
o
st
con
s
u
m
er
s
have on
l
y one
deb
it
card. Thu
s
, when a con
s
u
m
er
is m
ak
i
ng an on
li
ne purcha
s
e d
i
rec
tl
y fro
m
her bank accoun
t
,
s
he canno
t s
w
it
ch be
t
ween V
is
a deb
it
and
M
a
st
ercard deb
it
u
si
ng
t
he
s
a
m
e bank accoun
t
– bu
t
s
he cou
l
d
s
w
it
ch
t
o
Pl
a
i
d’
s
pay-by-bank deb
it s
erv
i
ce dur
i
ng
t
he checkou
t
proce
ss
.
C
on
s
u
m
er
ab
ilit
y
t
o
s
w
it
ch pay
m
en
t
op
ti
on
s
a
t t
he po
i
n
t
of
s
a
l
e
is
one of
t
he rea
s
on
s
why
Pl
a
i
d’
s
pay-by-
bank deb
it s
erv
i
ce po
s
e
s s
uch a
si
gn
i
f
i
can
t t
hrea
t t
o V
is
a even a
t its
na
s
cen
t st
age. To
mi
n
imi
ze
-17-
C
O
MP
LAINT
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28
l
o
ss
e
s t
o
Pl
a
i
d and defend
its
on
li
ne deb
it
vo
l
u
m
e, V
is
a wou
l
d
li
ke
l
y reduce
t
he pr
i
ce
s it
curren
tl
y charge
s
for on
li
ne deb
it t
ran
s
ac
ti
on
s
.
63. Indeed,
Pl
a
i
d recogn
i
ze
s t
ha
t
pr
i
c
i
ng for
its
pay-by-bank deb
it s
erv
i
ce “need
s t
o
be h
i
gh
l
y co
m
pe
titi
ve w
it
h deb
it
card pr
i
c
i
ng.”
Pl
a
i
d ha
s
con
si
dered
i
n
t
roduc
i
ng cer
t
a
i
n
co
m
ponen
ts
of
its
pay-by-bank deb
it s
erv
i
ce a
t
a “50% reduc
ti
on” co
m
pared
t
o
t
rad
iti
ona
l
deb
it
and an
ti
c
i
pa
t
e
s t
ha
t m
erchan
ts
cou
l
d
s
ave
milli
on
s
of do
ll
ar
s
a year
i
n fee
s
by
m
ak
i
ng
it
ea
si
er
for con
s
u
m
er
s t
o
s
w
it
ch away fro
m
card-ba
s
ed on
li
ne deb
it
.
Pl
a
i
d wa
s
upfron
t
w
it
h V
is
a abou
t
its
p
l
an
s t
o undercu
t
V
is
a’
s
on
li
ne deb
it
pr
i
ce
s
. Af
t
er
m
ee
ti
ng w
it
h
Pl
a
i
d execu
ti
ve
s i
n
Dece
m
ber 2019, V
is
a’
s
V
i
ce
P
re
si
den
t
of
C
orpora
t
e Deve
l
op
m
en
t
and Head of
St
ra
t
eg
i
c
Oppor
t
un
iti
e
s
expre
ss
ed concern
t
ha
t i
f V
is
a d
i
d no
t
buy
Pl
a
i
d “
t
hey w
ill
c
l
ear
l
y co
m
e af
t
er
t
he
‘h
i
gh pr
i
ce
s
’ of
i
n
t
erchange a
s t
hey
s
a
i
d
s
evera
l tim
e
s
ye
st
erday and offer a
lt
erna
t
e pay
m
en
t
m
e
t
hod
s
.”
64. Thu
s
, a
s
V
is
a
its
e
l
f ha
s
recogn
i
zed, co
m
pe
titi
on fro
m Pl
a
i
d wou
l
d
m
ean
t
ha
t
pr
i
ce
s
for on
li
ne deb
it t
ran
s
ac
ti
on
s
wou
l
d fa
ll
. Th
is
wou
l
d benef
it m
erchan
ts
and u
ltim
a
t
e
l
y
con
s
u
m
er
s
, who wou
l
d pay
l
e
ss
for good
s
and
s
erv
i
ce
s
a
s m
erchan
ts
pa
ss
on
t
he
i
r
s
av
i
ng
s
.
C
on
s
u
m
er
s m
ay a
ls
o benef
it
fro
m
reward
s
or o
t
her
i
ncen
ti
ve
s t
ha
t m
erchan
ts
offer
t
o
i
nduce
s
w
it
ch
i
ng
t
o
Pl
a
i
d’
s
pay-by-bank deb
it s
erv
i
ce.
65.
B
u
t
V
is
a’
s
propo
s
ed acqu
isiti
on of
Pl
a
i
d wou
l
d fore
st
a
ll t
h
is
co
m
pe
titi
on,
a
ll
ow
i
ng V
is
a
t
o
m
a
i
n
t
a
i
n
its m
onopo
l
y po
siti
on and
s
upraco
m
pe
titi
ve pr
i
ce
s
for on
li
ne deb
it
.
B
. V
is
a’
s
Pro
p
o
s
e
d
Ac
quisi
t
i
o
n
of P
l
a
id
Wo
uld
Re
sul
t
in L
e
ss Inn
ovat
i
o
n
66. V
is
a’
s
propo
s
ed acqu
isiti
on of
Pl
a
i
d a
ls
o wou
l
d e
limi
na
t
e a d
is
rup
ti
ve and
i
nnova
ti
ve co
m
pe
tit
or. V
is
a v
i
ewed
Pl
a
i
d a
s
a “
t
hrea
t
. . . acro
ss m
u
lti
p
l
e vec
t
or
s
of our
bu
si
ne
ss
,
i
nc
l
ud
i
ng . . . a
s
a po
t
en
ti
a
l
pay
m
en
t
ne
t
work.” If
t
he acqu
isiti
on were en
j
o
i
ned,
Pl
a
i
d
– on
its
own or
i
n co
m
b
i
na
ti
on w
it
h a co
m
pany o
t
her
t
han V
is
a – wou
l
d con
ti
nue
t
o ac
t
a
s
a
d
is
rup
ti
ve co
m
pe
tit
or, deve
l
op
i
ng and
l
aunch
i
ng new,
i
nnova
ti
ve
s
o
l
u
ti
on
s i
n co
m
pe
titi
on w
it
h
V
is
a. In
t
he hand
s
of V
is
a,
t
h
is
wou
l
d change dra
m
a
ti
ca
ll
y.
67. In con
t
ra
st t
o an
i
ndependen
t Pl
a
i
d, V
is
a wou
l
d have
t
he
i
ncen
ti
ve
t
o ra
is
e
t
he
pr
i
ce of, degrade, de
l
ay, or
s
he
l
ve a
lt
oge
t
her
Pl
a
i
d’
s
na
s
cen
t
pay-by-bank deb
it s
erv
i
ce becau
s
e
-18-
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O
MP
LAINT
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22
23
24
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27
28
s
uch a
s
erv
i
ce wou
l
d cann
i
ba
li
ze V
is
a’
s
prof
it
ab
l
e on
li
ne deb
it
bu
si
ne
ss
. Indeed, V
is
a’
s C
EO
ha
s
a
l
ready acknow
l
edged
t
ha
t
V
is
a ha
s
no
i
n
t
en
ti
on of
i
n
t
roduc
i
ng
Pl
a
i
d’
s
pay-by-bank deb
it
s
erv
i
ce for con
s
u
m
er pay
m
en
ts t
o
m
erchan
ts i
n
t
he Un
it
ed
St
a
t
e
s
.
Si
nce
i
nk
i
ng
t
he dea
l
w
it
h
V
is
a,
Pl
a
i
d ha
s sl
owed
its
p
l
an
s t
o p
il
o
t its
pay-by-bank deb
it s
erv
i
ce w
it
h pro
s
pec
ti
ve
m
erchan
t
cu
st
o
m
er
s
.
C. V
is
a’
s
Pro
p
o
s
e
d
Ac
quisi
t
i
o
n
of P
l
a
id
Wo
uld
Ra
is
e
En
try
B
arr
i
er
s
68. A
s
a
m
onopo
list
w
it
h an approx
im
a
t
e
l
y 70%
m
arke
t s
hare
i
n on
li
ne deb
it
, V
is
a
ha
s
a
st
rong
i
ncen
ti
ve
t
o con
ti
nue
t
o
s
uppre
ss
en
t
ry by pro
s
pec
ti
ve r
i
va
ls
. I
t st
and
s t
o
l
o
s
e
m
ore
t
han any o
t
her par
ti
c
i
pan
t i
n
t
he on
li
ne deb
it m
arke
t
fro
m
en
t
ry or expan
si
on becau
s
e any new
pay-by-bank
s
erv
i
ce
is li
ke
l
y
t
o co
m
pe
t
e away V
is
a’
s l
ucra
ti
ve on
li
ne deb
it t
ran
s
ac
ti
on vo
l
u
m
e.
A
s
a re
s
u
lt
, V
is
a ha
s
a grea
t
er
i
ncen
ti
ve
t
han any o
t
her p
l
ayer
i
n on
li
ne deb
it t
o preven
t
or de
l
ay
t
he e
m
ergence of po
t
en
ti
a
l
co
m
pe
tit
or
s
.
69. Acqu
i
r
i
ng
Pl
a
i
d wou
l
d g
i
ve V
is
a
t
he ab
ilit
y
t
o ra
is
e
t
he a
l
ready h
i
gh en
t
ry barr
i
er
s
faced by co
m
pe
tit
or
s s
eek
i
ng
t
o en
t
er or expand
i
n
t
o on
li
ne deb
it
pay
m
en
ts
, fur
t
her en
t
rench
i
ng
V
is
a’
s m
onopo
l
y power
i
n on
li
ne deb
it
.
70. Through
its
owner
s
h
i
p of
Pl
a
i
d, V
is
a wou
l
d have a “[f]ron
t
row
s
ea
t t
o wha
t is
happen
i
ng
i
n
t
he [f]
i
n
t
ech wor
l
d (e.g. wh
i
ch app
s
are grow
i
ng, a
t
wha
t
ve
l
oc
it
y and where).”
W
it
h
t
h
is i
n
si
gh
t i
n
t
o wh
i
ch f
i
n
t
ech
s
are
m
ore
li
ke
l
y
t
o deve
l
op co
m
pe
titi
ve a
lt
erna
ti
ve pay
m
en
ts
m
e
t
hod
s
, V
is
a cou
l
d
t
ake
st
ep
s t
o par
t
ner w
it
h, buy ou
t
, or o
t
herw
is
e d
is
advan
t
age
t
he
s
e up-and-
co
mi
ng co
m
pe
tit
or
s
.
Pl
a
i
d’
s
curren
t s
erv
i
ce
s
“
sit
a
t t
he ‘dec
isi
on chokepo
i
n
t
’ for
m
any fu
t
ure
pay
m
en
t
f
l
ow
s
.” Own
i
ng
Pl
a
i
d wou
l
d po
siti
on V
is
a
t
o
i
n
s
u
l
a
t
e
its
e
l
f fro
m
co
m
pe
titi
on, for
exa
m
p
l
e, by buy
i
ng ou
t
or par
t
ner
i
ng w
it
h o
t
her f
i
n
t
ech
s
before
t
hey can ga
i
n
t
rac
ti
on.
71.
F
ur
t
her, V
is
a wou
l
d be ab
l
e
t
o
l
everage
its
c
l
o
s
e re
l
a
ti
on
s
h
i
p
s
w
it
h
iss
u
i
ng bank
s
t
o d
is
advan
t
age o
t
her wou
l
d-be en
t
ran
ts
.
B
o
t
h V
is
a and
iss
u
i
ng bank
s
prof
it
fro
m
on
li
ne deb
it
pay
m
en
ts
. If
t
he propo
s
ed
t
ran
s
ac
ti
on
is
no
t
en
j
o
i
ned, V
is
a
is li
ke
l
y
t
o
i
ncen
ti
v
i
ze
iss
u
i
ng bank
s
t
o refu
s
e
t
o connec
t
w
it
h co
m
pe
tit
or
s
of
Pl
a
i
d, preven
ti
ng o
t
her wou
l
d-be en
t
ran
ts
fro
m
t
hrea
t
en
i
ng
t
he prof
its t
ha
t
bo
t
h V
is
a and
iss
u
i
ng bank
s
earn fro
m
h
i
gh on
li
ne deb
it t
ran
s
ac
ti
on
fee
s
. Indeed, V
is
a ha
s
a
l
ready co
mm
un
i
ca
t
ed
t
o U.
S
. bank
s t
ha
t
“[
i
]
t is i
n our co
ll
ec
ti
ve
i
n
t
ere
st
-19-
C
O
MP
LAINT
5
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2
3
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6
7
8
9
11
12
13
14
16
17
18
19
21
22
23
24
26
27
28
t
o
m
anage
t
he evo
l
u
ti
on of
t
he
s
e pay
m
en
t
for
ms i
n a way
t
ha
t
pro
t
ec
ts t
he co
mm
erc
i
a
l
re
s
u
lts
we
m
u
t
ua
ll
y rea
li
ze
t
hrough card-ba
s
ed pay
m
en
ts
.”
72. Acqu
i
r
i
ng
Pl
a
i
d wou
l
d a
ls
o g
i
ve V
is
a acce
ss t
o
Pl
a
i
d’
s
enor
m
ou
s t
rove of
con
s
u
m
er da
t
a,
i
nc
l
ud
i
ng rea
l
-
tim
e
s
en
siti
ve
i
nfor
m
a
ti
on abou
t m
erchan
ts
and V
is
a’
s
r
i
va
ls
.
C
on
s
o
li
da
ti
on of
t
h
is
da
t
a
i
n V
is
a’
s
hand
s
cou
l
d fur
t
her ra
is
e barr
i
er
s t
o en
t
ry and expan
si
on.
V
is
a cou
l
d u
s
e
t
ha
t
da
t
a
t
o
m
ake
it m
ore d
i
ff
i
cu
lt
for o
t
her
s t
o en
t
er or co
m
pe
t
e aga
i
n
st
V
is
a
i
n
on
li
ne deb
it
or
t
o de
t
er pro-co
m
pe
titi
ve
i
n
iti
a
ti
ve
s
fro
m
r
i
va
ls
.
73. Overa
ll
,
m
erchan
ts
and con
s
u
m
er
s st
and
t
o benef
it
fro
m t
he
l
ower co
st
of on
li
ne
deb
it t
ran
s
ac
ti
on
s
enab
l
ed by
Pl
a
i
d’
s i
nnova
ti
ve pay-by-bank deb
it s
erv
i
ce. V
is
a acqu
i
r
i
ng
Pl
a
i
d
wou
l
d d
imi
n
is
h or e
limi
na
t
e
t
ho
s
e benef
its
, erad
i
ca
t
e
Pl
a
i
d a
s
a co
m
pe
titi
ve
t
hrea
t
, and ra
is
e
en
t
ry barr
i
er
s
for fu
t
ure co
m
pe
titi
ve
t
hrea
ts
,
i
n v
i
o
l
a
ti
on of
S
ec
ti
on 2 of
t
he
S
her
m
an Ac
t
, 15
U.
S
.
C
. § 2 and
S
ec
ti
on 7 of
t
he
Cl
ay
t
on Ac
t
, 15 U.
S
.
C
. § 18.
L
AC
K O
F C
O
UN
TE
RVA
ILI
N
G
FAC
TO
R
S
74. A
lt
hough Defendan
ts
have c
l
a
im
ed
t
ha
t t
he propo
s
ed acqu
isiti
on wou
l
d genera
t
e
s
ynerg
i
e
s
by co
m
b
i
n
i
ng
t
he opera
ti
on
s
of V
is
a and
Pl
a
i
d, any cogn
i
zab
l
e eff
i
c
i
enc
i
e
s
w
ill
no
t
ou
t
we
i
gh
t
he
m
erger’
s
har
m t
o co
m
pe
titi
on
i
n
t
he re
l
evan
t m
arke
t
. V
is
a concede
s t
ha
t t
here
is
“very
littl
e” abou
t t
he dea
l t
ha
t l
ead
s t
o co
st s
ynerg
i
e
s
and “[
i
]n fac
t
,
it
ha
s
co
st
d
iss
ynerg
i
e
s
a
ss
oc
i
a
t
ed w
it
h
it
.”
F
ur
t
her, V
is
a’
s C
EO ha
s
acknow
l
edged
t
ha
t
V
is
a ha
s
no p
l
an
s t
o
l
aunch
Pl
a
i
d’
s
pay-by-bank deb
it s
erv
i
ce
s
for con
s
u
m
er pay
m
en
ts t
o
m
erchan
ts
.
75. V
is
a’
s
propo
s
ed acqu
isiti
on of
Pl
a
i
d wou
l
d no
t
re
s
u
lt i
n ver
i
f
i
ab
l
e,
t
ran
s
ac
ti
on-
s
pec
i
f
i
c eff
i
c
i
enc
i
e
s i
n
t
he re
l
evan
t m
arke
t s
uff
i
c
i
en
t t
o ou
t
we
i
gh
t
he
t
ran
s
ac
ti
on’
s li
ke
l
y
an
ti
co
m
pe
titi
ve effec
ts
. The propo
s
ed acqu
isiti
on wou
l
d har
m
co
m
pe
titi
on overa
ll i
n
t
he
re
l
evan
t m
arke
t
.
M
oreover,
t
he an
ti
co
m
pe
titi
ve effec
ts
of V
is
a’
s
propo
s
ed acqu
isiti
on of
Pl
a
i
d
ou
t
we
i
gh any proco
m
pe
titi
ve benef
its i
n
t
he re
l
evan
t m
arke
t
, and any proco
m
pe
titi
ve benef
its
can be ach
i
eved
t
hrough
l
e
ss
re
st
r
i
c
ti
ve
m
ean
s
.
V
IOL
A
TIO
N
S
A
LLEGE
D
76. If a
ll
owed
t
o proceed, V
is
a’
s
propo
s
ed acqu
isiti
on of
Pl
a
i
d wou
l
d e
limi
na
t
e
t
he
na
s
cen
t
co
m
pe
titi
ve
t
hrea
t t
ha
t
an
i
ndependen
tl
y owned
Pl
a
i
d po
s
e
s t
o V
is
a’
s m
onopo
l
y power
-20-
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O
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28
and un
l
awfu
ll
y
m
a
i
n
t
a
i
n V
is
a’
s m
onopo
l
y power
i
n
t
he on
li
ne deb
it m
arke
t
. The propo
s
ed
acqu
isiti
on con
stit
u
t
e
s m
onopo
li
za
ti
on
i
n v
i
o
l
a
ti
on of
S
ec
ti
on 2 of
t
he
S
her
m
an Ac
t
, 15 U.
S
.
C
.
§ 2.
77. In add
iti
on,
i
f a
ll
owed
t
o proceed,
t
he effec
t
of V
is
a’
s
propo
s
ed acqu
isiti
on of
Pl
a
i
d “
m
ay be
s
ub
st
an
ti
a
ll
y
t
o
l
e
ss
en co
m
pe
titi
on, or
t
o
t
end
t
o crea
t
e a
m
onopo
l
y”
i
n
t
he on
li
ne
deb
it m
arke
t i
n
t
he Un
it
ed
St
a
t
e
s i
n v
i
o
l
a
ti
on of
S
ec
ti
on 7 of
t
he
Cl
ay
t
on Ac
t
, 15 U.
S
.
C
. § 18.
78. A
m
ong o
t
her
t
h
i
ng
s
,
t
he
t
ran
s
ac
ti
on wou
l
d
:
(a)
m
a
i
n
t
a
i
n V
is
a’
s m
onopo
l
y power, g
i
v
i
ng V
is
a
t
he power
t
o ra
is
e pr
i
ce
s
and
i
ncrea
s
e barr
i
er
s t
o en
t
ry
;
(b) e
limi
na
t
e na
s
cen
t
co
m
pe
titi
on be
t
ween V
is
a and
Pl
a
i
d
;
(c)
li
ke
l
y cau
s
e pr
i
ce
s
of on
li
ne deb
it t
ran
s
ac
ti
on
s t
o be h
i
gher
t
han
t
hey
wou
l
d be o
t
herw
is
e
;
and
(d)
li
ke
l
y reduce qua
lit
y,
s
erv
i
ce, cho
i
ce, and
i
nnova
ti
on.
R
EQ
U
EST
F
O
R R
ELIE
F
79. The Un
it
ed
St
a
t
e
s
reque
sts:
(a)
t
ha
t
V
is
a’
s
propo
s
ed acqu
isiti
on of
Pl
a
i
d be ad
j
udged
t
o v
i
o
l
a
t
e
S
ec
ti
on 2
of
t
he
S
her
m
an Ac
t
, 15 U.
S
.
C
. § 2
;
(b)
t
ha
t
V
is
a’
s
propo
s
ed acqu
isiti
on of
Pl
a
i
d be ad
j
udged
t
o v
i
o
l
a
t
e
S
ec
ti
on 7
of
t
he
Cl
ay
t
on Ac
t
, 15 U.
S
.
C
. § 18
;
(c)
t
ha
t t
he Defendan
ts
be per
m
anen
tl
y en
j
o
i
ned and re
st
ra
i
ned fro
m
carry
i
ng
ou
t t
he propo
s
ed acqu
isiti
on of
Pl
a
i
d by V
is
a or any o
t
her
t
ran
s
ac
ti
on
t
ha
t
wou
l
d co
m
b
i
ne
t
he
t
wo co
m
pan
i
e
s;
(d)
t
ha
t t
he Un
it
ed
St
a
t
e
s
be awarded co
sts
of
t
h
is
ac
ti
on
;
and
(e)
t
ha
t t
he Un
it
ed
St
a
t
e
s
be awarded
s
uch o
t
her re
li
ef a
s t
he
C
our
t m
ay dee
m
j
u
st
and proper.
-21-
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O
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Da
t
ed
:
Nove
m
ber 5, 2020
/s/ M
akan De
l
rah
im
M
AKAN DEL
R
AHI
M
A
ssist
an
t
A
tt
orney Genera
l
/s/ Mi
chae
l F
.
M
urray
M
I
C
HAEL
F
.
M
U
RR
AY
Depu
t
y A
ssist
an
t
A
tt
orney Genera
l
/s/
Ka
t
h
l
een
S
. O’Ne
ill
KATHLEEN
S
. O’NEILL
S
en
i
or D
i
rec
t
or of Inve
sti
ga
ti
on
s
and L
iti
ga
ti
on
/s/ C
ra
i
g W.
C
onra
t
h
CR
AIG W.
C
ON
R
ATH
D
i
rec
t
or of
Ci
v
il
L
iti
ga
ti
on
/s/
Owen
M
. Kend
l
er
OWEN
M
. KENDLE
R
C
h
i
ef
/s/
L
is
a A.
S
can
l
on
LI
S
A A.
SC
ANLON (
C
A
B
ar #208186)
A
ssist
an
t C
h
i
ef
M
ed
i
a, En
t
er
t
a
i
n
m
en
t
, and
P
rofe
ssi
ona
l S
erv
i
ce
s
S
ec
ti
on
DAVID L. ANDE
RS
ON
Un
it
ed
St
a
t
e
s
A
tt
orney
/s/ S
ara W
i
n
sl
ow
S
A
R
A WIN
S
LOW
A
ssist
an
t
Un
it
ed
St
a
t
e
s
A
tt
orney
C
h
i
ef,
Ci
v
il
D
i
v
isi
on
-22-
R
e
s
pec
t
fu
ll
y
s
ub
mitt
ed,
/s/ J
ohn
R
.
R
ead
J
OHN
R
.
R
EAD (D
C B
ar #419373)
M
eagan K.
B
e
lls
haw (
C
A
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B
r
itt
ney D
im
ond (WA
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ar #55889)
Ihan K
im
(NY
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ar, No Nu
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ssi
gned)
C
ory
B
rader Leuch
t
en (NY
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ar # 5118732)
S
arah H. L
i
ch
t
(D
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B
enne
tt J
.
M
a
t
e
ls
on (D
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ar #454551)
L
illi
an Oka
m
uro (D
C B
ar #241035)
E
t
han
St
even
s
on (NY
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ar, No Nu
m
ber
s
A
ssi
gned)
Lara E.V. Trager (NY
B
ar #4566048)
J
effrey G. Vernon (D
C B
ar #1009690)
A
tt
orney
s
for
t
he Un
it
ed
St
a
t
e
s
M
ed
i
a, En
t
er
t
a
i
n
m
en
t
, and
P
rofe
ssi
ona
l
S
erv
i
ce
s S
ec
ti
o
n
U.
S
. Depar
tm
en
t
of
J
u
sti
ce
An
tit
ru
st
D
i
v
isi
on
450
Fi
f
t
h
St
ree
t
N.W.,
S
u
it
e 4000
Wa
s
h
i
ng
t
on, D.
C
. 20530
Te
l
ephone
:
(202) 307-0468
E
m
a
il: j
ohn.read@u
s
do
j
.gov
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22
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24
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27
28
A
TTO
RN
E
Y A
TTEST
A
TIO
N
I hereby a
tt
e
st
, pur
s
uan
t t
o Loca
l R
u
l
e 5-1(
i
)(3),
t
ha
t t
he concurrence
i
n
t
he f
ili
ng of
t
h
is
docu
m
en
t
ha
s
been ob
t
a
i
ned fro
m t
he
si
gna
t
ory
i
nd
i
ca
t
ed by
t
he “confor
m
ed”
si
gna
t
ure (
/s/
) of
J
ohn
R
.
R
ead w
it
h
i
n
t
h
is
e-f
il
ed docu
m
en
t
.
/s/ J
ohn
R
.
R
ead
J
ohn
R
.
R
ead
-23-
C
O
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