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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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 

Related articles by Zemanta

• Visa Reigns with Silent Tax - Video from NY Times (pindebit.blogspot.com)


• Visa Europe Says UK Debit Card Use to Exceed Cash for First Time (pindebit.blogspot.com)

Visa Europe to Invest $273 Million in Development of Contactless Payments by Card and Mobile

Visa Europe has announced plans to spend more than $273 million on R&D for contactless payments via card and mobile device, according to nearfieldcommunicationsworld.com



The announcement was made by Marc O’Brien, Visa Europe’s head of UK and Ireland, during a visit to Dublin to market contactless cards and NFC payment to Irish banks.



According to O’Brien, Visa spent €800 million over the last five years on R&D, out of which €170 million went into chip and PIN.



“[Visa Europe] envisages spending a further €200 million on R&D into low-value contactless payments by card and mobile device,” O’Brien added.



Irish banks Ulster and Halifax have already begun issuing contactless Visa Debit cards, with more to follow as the investment comes to fruition.

Looking to the future, O'Brien said Visa is hard at work researching and developing new ways for people to pay and one of the areas being given serious consideration is contactless payments via mobile phones using near field communication (NFC). 



"M-commerce is a strategic priority," says Visa Europe's head of UK and Ireland, "we are working and talking with all the mobile operators and handset manufacturers to develop standards for payment on mobile phones."

O'Brien says Visa spent €800 million over the last five years on R&D, out of which €170 million went into chip and PIN. "We envisage spending a further €200 million on R&D into low-value contactless payments by card and mobile device."

Read more here.

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