Visa Cuts Swipe Fees In Europe, Raises Them In America

Laura Basset writes for the Huffington Post that while Visa raised it's debit rates (notably the 30% PIN Debit rate increase) here in the good ole' USA, they cut debit fees in Europe.  I found it interesting that Visa is shying away from stating that Europe should have lower debit rates because they use "Chip and PIN" which reduces fraud.  After all, fraud is the basis for...well, "basis points.."  Guess that would put them in a position whereby they couldn't defend the security of America's magstripe system...



Instead, according to the Huffington Post, here's the official statement from a "Visa spokesperson" Editor's Note:  I took the liberty to identify the BSMS* (Both Sides of the Mouth Syndrome) and I highlighted in yellow what the spokesperson's conscience couldn't prevent them from saying... 



A spokesperson for Visa, Inc. said the average Visa Debit transaction fee rose by less than 4 percent.  "Most of Visa's U.S. debit rates have not changed*," she said. "Visa, Inc., did recently make a variety of program and interchange modifications to make digital currency even more convenient for consumers and merchants and to facilitate continued growth for Visa and its clients."

Despite a recent study that found swipe fees are stalling the creation of nearly a quarter million U.S. jobs, Visa raised its debit card interchange rate for American retailers to .95 percent plus $.20 per transaction in April, according to the Retail Industry Leaders Association. In contrast, Visa Europe announced Monday that it would be capping transaction fees at 0.2 percent for the next four years.

Continue Reading at the Huffington Post 

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