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January 13, 2021
CHARLOTTE, N.C. — Visa Inc. on Tuesday called off its planned $5.3 billion purchase of payment-processing technology company Plaid, citing the Justice Department's antitrust lawsuit filed last year to block the deal.
Plaid provides the infrastructure that allows consumers and businesses to make payments directly from their bank accounts. Services like Venmo, SoFi, Stripe and TransferWise all use Plaid as a way for consumers to send money from their bank accounts to another party without having to use the debit-card infrastructure that's largely controlled by Visa and its competitor Mastercard.
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