PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Are There $44 Billion in Unused Gift Cards Lying Around?

Ben Jackson by Ben Jackson
January 28, 2014
in Analysts Coverage
0
How Much Do Your Customers Want To Be Hugged?

Beautiful Waitress Charging Customers Bill With A Credit Card Terminal

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Visa and MasterCard have filed an application with the Australian competition regulator asking it to require that 90% of in-store credit card sales be authorized via PIN.

In support of this mandate, the networks have offered to bear some of the cost of an education campaign directed at merchants and consumers.

The networks cited the effectiveness of PIN verification to combat fraud in regions such as the United Kingdom. Visa and MasterCard with this action appear to be trying to systemically narrow the use of signature verification methods as inherently less secure and irrelevant for contactless, online, and mobile transactions, which will eventually exceed traditional swipe transactions.

American Express and Discover support the filing, but have declined to participate in any organizing way due to concerns about appearing to be in conflict with Australia’s laws on competition, according to an article from the Sydney Morning Herald:

Australia’s biggest banks, including the Reserve Bank, support the move as a way to combat fraud. But the Reserve warns that the campaign must include all credit card providers or may be interpreted as a promotion for Visa and MasterCard being more secure than other cards.

The PIN versus signature argument has been a simmering issue in the United States and has gained even more attention post-Durbin Amendment. The U.S. Federal Reserve so far has declined to rule on a prescriptive approach to fraud control in the United States for debit cards, even though they have to the right to do so under Durbin. Even though this year’s debit card industry cost analysis (cite our wrapper here) clearly illustrated the efficacy of PIN verification to control fraud, any requirement to move the industry to a PIN-verified transactions standard didn’t happen. Yet, EMV implementation scenarios include chip-and-PIN as well as chip-and-signature, giving pause to credit and debit card issuers to consider making this kind of change and prepare their portfolios for the eventual shift from card to digital accounts.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix