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05-12-2016, 10:19 AM #1
Walmart Suing Visa - Claims Should Require Chip and Pin
This one could get interesting. Per USA Today:
Walmart is suing Visa for allowing customers to verify chip-enabled debit card transactions with a signature instead of a PIN.
The lawsuit filed Tuesday in New York Supreme Court says that Visa requires Walmart to accept signature-based transactions for chip debit cards, which Walmart says are a less secure method of payment than PIN-based payments and more expensive to conduct over Visa's network.
"PIN is the only truly secure form of cardholder verification in the marketplace today, and it offers superior security to our customers," says Walmart spokesman Randy Hargrove. "Visa has acknowledged in many other countries that chip-and-pin offer greater security. Visa nevertheless has demanded that we allow fraud-prone signature verification for debit transactions in our U.S. stores because Visa stands to make more money processing those transactions."
Walmart automatically prompts customers to enter a PIN when they use a chip debit card, but customers can override it and enter a signature instead. Debit card transactions account for more than 70% of the dollars spent on credit and debit cards at Walmart.
Read the whole thing: Walmart sues Visa over chip transactions with debit cards
05-13-2016, 09:03 AM #2
Another lawsuit brewing from small retailers?
I saw that. I also saw that a lawsuit may be brewing over the fact that the terminals, if not programmed, lead customers to using the more expensive Visa & M/C payment network, instead of lower cost networks. This raises the fees paid by businesses to process debit transactions.
This transition is a mess.Current Fico Scores: 710 TU, 732 EQ
My Goal for 2016: 750+
05-16-2016, 12:27 PM #3
Interesting how much money Visa and MasterCard can make for just moving money around. I mean, they don't even take any credit risks. It is the banks that do.
05-17-2016, 10:00 AM #4