A retailer suffering a data compromise in 2010 was ultimately responsible for $13.3 million in fines from Visa levied against two acquiring banks that passed the fines on to the retailer. The retailer is now suing Visa stating that at no point where they not in compliance with PCI and that the fines are arbitrary
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More mobile payment methods and wallets are testing and preparing for commercial launch with mobile joint venture Isis starting trials in two pilot U.S markets, Visa testing NFC (Near Field Communication) payments at the London Olympic Games, and PayPal trialing their mobile payment method with McDonald’s fast food restaurants in France. Read More
The four major wireless carriers in the U.S. along with financial institutions, card associations and mobile wallet providers have formed and joined the Mobile Payments Committee with the Electronic Transactions Association (ETA). The purpose of the committee is to define best practices for mobile payment solutions while educating legislators, merchants and consumers to foster and
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After years of litigation over interchange Visa and MasterCard proposed a settlement that would give over $7 billion back to U.S. retailers while also allowing merchants to add surcharges and fees for customers using credit or debit cards. While the proposed settlement is awaiting federal court approval, big name retailers and merchant trade groups have
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Although spending on Visa credit cards increased in April and May from a year ago, overall volume processed on U.S. Visa cards was down 3 percent in April and remained stagnant in May as spending on Visa debit cards declined by double digits. Read More
While recently announcing their quarterly profits Visa also disclosed that the U.S. Department of Justice has requested more information about changes in their interchange pricing structure related to processing debit cards. Read More
Global Payments, a publicly traded payment processing company, recently announced that they had identified unauthorized access into their processing systems resulting in the compromise of as many as 1.5 million credit cards. In response Visa revoked Global Payments’ status as being PCI compliant, although the company is still processing Visa and other card transactions. Read
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Visa is confident in the future of mobile payments as they are planning to showcase mobile contactless payments at the 2012 Olympic Games in London and they are predicting that half of all Visa Europe payments will be made via a mobile device by 2020. Read More
During Visa’s fiscal fourth quarter credit card purchases grew 10 percent reaching $228 billion. Debit cards brought in more volume, $288 billion, but this was only an 8.1 percent increase for the quarter and marks the first time Visa credit card spending increased more than debit card spending since 2005. Read More
