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Posted: Oct 3, 2018
Comments: 0
Author: Lou Grilli

The stakes are high - $90 billion in fees paid collectively by merchants each year, according to Bloomberg. The proposed class action settlement amount is record-breaking - $6.2 billion, the most significant dollar amount ever, to be paid to 12 million merchants who do not opt-out of the settlement.

What does this mean for the future of interchange fees? It’s still murky, at best.

A lawsuit that was being argued since 2005 was finally settled on September 18, 2018, some 13 years later. The class action was initially filed by the National Retail Federation, the Retail Industry Leaders Association, and the National Association of Convenience Stores, collectively representing about 12 million merchants in the U.S. It named Visa, Mastercard, and several large issuers, including JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. as Defendants. The suit accuses the defendants of conspiring to fix interchange fees that businesses pay to process credit and debit cards. A previous settlement had been reached in 2012 but was thrown out by the courts. This time around, the settlement, which still needs to be approved by the courts, leaves open several unanswered issues.

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Posted: May 18, 2017
Categories: Emerging Payments
Comments: 0
Author: Tom Davis

Jim McCarthy of Visa says it's possible during CSCU Annual Conference!

Technology like artificial intelligence sounds futuristic, but changes in technology move a lot faster than it seems. ATMs took 18 years to become ubiquitous. Nothing moves as quickly as it feels, but when you look back it seems like it just happened overnight. We still hear that mobile is the future, but really mobile is today – there are more mobile phones on this planet (7.19 billion) than there are humans. It won’t be long before artificial intelligence is integrated in our lives. This was the topic of a presentation by VISA Global Head of Innovation & Strategic Partnerships Jim McCarthy at CSCU’s annual conference. Jim described an example that’s already in place today - Blackrock, the world’s largest equities asset manager, is replacing human stock pickers with artificial intelligence. Robots are now managing mutual funds.
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Posted: Dec 2, 2016
Comments: 0
Author: Bill Lehman

Expensive and time-consuming initiative makes it tough for gasoline retailers to keep up.

Initially, the liability shift associated with upgrading the card readers at gas pumps, known as Automated Fuel Dispensers (AFDs), was set to two years after in-store POS terminals, due to the complexities of retrofitting or replacing AFDs. But, even those extra two years are proving insufficient for many gasoline retailers. In response to the delays, Visa and MasterCard are postponing their Oct. 1, 2017, EMV liability shift for U.S. AFDs until Oct. 1, 2020.

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Posted: Aug 4, 2016
Comments: 3

Contactless debit, credit and prepaid cards - payment cards that can be used by tapping a point of sale (POS) terminal or waving the card near the terminal - have been issued by major banks around the world since 2007.  Also referred to as “tap and pay” or “tap and go,” these cards feature an embedded NFC antenna and chip (different than the EMV chip) which allows the card to exchange payment credentials to an NFC enabled terminal with just a wave or a tap. They are touted for both speed and convenience mostly because no signature or PIN is needed.  In addition, the transaction amounts using this capability are typically limited to $25 or $50, consistent with the waiving of the need for signature for mag stripe transactions for those amounts.

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Credit Unions and Banks Turning to Visa to Develop Mobile Wallet

Posted: Jul 20, 2016
Categories: External Links
Comments: 0
Author: Paul Castner

CSCU's Tom Davis Quoted in CU Journal on the Visa Digital Commerce App.

Tom Davis was quoted in an article on the Visa Digital Commerce App. Tom noted that CUs are constantly looking ahead to what payment methods will be available in the future, like Bluetooth-low energy, suggesting that it would be disadvantageous for CUs to attempt to be on the edge of innovation themselves when it comes to payment platforms.

http://www.cujournal.com/news/technology/credit-unions-and-banks-turning-to-visa-to-develop-mobile-wallet-1026175-1.html
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