When EMV cards first came to the U.S., many called them by their European moniker: "chip-and-PIN." However, when it came time to make their first transaction with the more secure cards, many consumers were surprised they didn't require a PIN at all. Rather, the U.S. rollout relied on signatures to authorize its EMV payments. Now, the nation's largest retailer is looking to bring PIN authentication back to EMV. Wal-Mart sued Visa in New York State Court for the right to choose how its customers authenticate their card payments, reported the Wall Street Journal. In its lawsuit, Wal-Mart claims the four-digit passcodes are better at preventing fraud than simple signatures, but Visa has not allowed the retailer to require its customers to authenticate their … more
When Visa and MasterCard agreed to pay more than $7 billion to merchants claiming the financial institutions conspired to set interchange fees, several large merchants were notably absent from the proceedings. Now CVS, the leader of the so-called "CVS Plaintiffs" who opted out of the deal, has reached its own settlement with the card companies.According to Law360, a U.S. District Judge signed an order on March 29 effectively ending the pharmacy's suit, stating that CVS had "fully settled all of its claims" against Visa and MasterCard. The stipulation did not, however, disclose the terms of the deal, reports Law360."CVS was among those who decided the terms did not go far enough."This marks the most recent settlement in a case that has been more than four … more
Visa and MasterCard have unveiled new technologies that will speed up chip card transactions at the point of sale. Hopefully, this could remove what has become a major sticking point for consumers who would rather leave the slower cards in their wallet.Quick Chip
Visa's new technology, announced April 19, will cut wait times to just two seconds or less, the company says. That's considerably faster than the 10-15 seconds many spend waiting after inserting their current chip cards into the terminal. The technology, which Visa calls Quick Chip, is available to all payment processors, banks and merchants free-of-charge, and requires only a software update to support, according to the company. Plus, Visa says the new system will allow shoppers to dip their cards while their items are … more
Nearly seven months since the EMV liability deadline pushed U.S. merchants to finally adopt EMV payments, the debate still rages about the best way for consumers to authenticate those transactions. Shoppers are currently asked to validate their chip-card payments with a signature, but many in the payments world have argued that the U.S. should embrace the chip-and-PIN method, which is used more frequently around the world.Now, another voice joins that chorus. David Nelms, chairman and CEO of Discover Financial Services, says PIN validation is the most sensible option for the future of U.S. credit card payments, according to reports from Payments Source.The reason the U.S. opted for signature validation over PIN is up for debate. Some claim they didn't want to confuse … more
When EMV cards first came to the U.S., many called them by their European moniker: "chip-and-PIN." However, when it came time to make their first transaction with the more secure cards, many consumers were surprised they didn't require a PIN at all. Rather, the U.S. rollout relied on signatures to authorize its EMV payments. Now, the nation's largest retailer is looking to bring PIN authentication back to EMV. Wal-Mart sued Visa in New York State Court for the right to choose how its customers authenticate their card payments, reported the Wall Street Journal. In its lawsuit, Wal-Mart claims the four-digit passcodes are better at preventing fraud than simple signatures, but Visa has not allowed the retailer to require its customers to authenticate their … more
When Visa and MasterCard agreed to pay more than $7 billion to merchants claiming the financial institutions conspired to set interchange fees, several large merchants were notably absent from the proceedings. Now CVS, the leader of the so-called "CVS Plaintiffs" who opted out of the deal, has reached its own settlement with the card companies.According to Law360, a U.S. District Judge signed an order on March 29 effectively ending the pharmacy's suit, stating that CVS had "fully settled all of its claims" against Visa and MasterCard. The stipulation did not, however, disclose the terms of the deal, reports Law360."CVS was among those who decided the terms did not go far enough."This marks the most recent settlement in a case that has been more than four … 
Visa and MasterCard have unveiled new technologies that will speed up chip card transactions at the point of sale. Hopefully, this could remove what has become a major sticking point for consumers who would rather leave the slower cards in their wallet.Quick Chip
Visa's new technology, announced April 19, will cut wait times to just two seconds or less, the company says. That's considerably faster than the 10-15 seconds many spend waiting after inserting their current chip cards into the terminal. The technology, which Visa calls Quick Chip, is available to all payment processors, banks and merchants free-of-charge, and requires only a software update to support, according to the company. Plus, Visa says the new system will allow shoppers to dip their cards while their items are … 
Nearly seven months since the EMV liability deadline pushed U.S. merchants to finally adopt EMV payments, the debate still rages about the best way for consumers to authenticate those transactions. Shoppers are currently asked to validate their chip-card payments with a signature, but many in the payments world have argued that the U.S. should embrace the chip-and-PIN method, which is used more frequently around the world.Now, another voice joins that chorus. David Nelms, chairman and CEO of Discover Financial Services, says PIN validation is the most sensible option for the future of U.S. credit card payments, according to reports from Payments Source.The reason the U.S. opted for signature validation over PIN is up for debate. Some claim they didn't want to confuse … 
