In the first day of its defense, Visa U.S.A. blamed its largest member banks for stifling innovative products, such as platinum cards, saying they did so in order to further their individual interests.

The argument speaks to a major complaint that the Justice Department has lodged against Visa and MasterCard in their antitrust trial. The government asserts that cooperation between the two associations squelched products that could have benefited consumers, but a former high-level Visa executive testified Tuesday that this was the banks' fault, not Visa's.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.