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Several trade organizations sent a jointly signed letter to members of the House Financial Services Committee in support of Section 335 of the CHOICE Act, which would repeal the Durbin Amendment.
Professor Todd Zywicki’s letter to the House Financial Services Committee offers support for repealing the Durbin Amendment, as included in the Financial CHOICE Act.
We have often warned about the negative effects of interchange fee regulation and specifically a cap on interchange fees. Last year we warned the European Parliament that a proposed EU-wide cap on interchange fees would cause many banks to raise fees and interest rates on all their customers, not just those who use debit or credit cards. We said: Capping interchange fees has been tried in some countries around the world. Despite claims that these efforts were for the benefit of consumers, the real world results have shown the opposite to be true. In every instance, consumers faced higher fees for banking services, a reduction in benefits and services and saw no return in the form of lower prices from merchants despite promises by merchants and policy makers to pass savings to consumers. We also noted in April that banks were already cutting back on card reward schemes. The negative … Continue reading
At first blush, you might well wonder why anyone would be against loyalty programs. Whether you earn points by shopping at a particular store or by using a particular credit card, you are rewarded for your loyalty. Maybe you exchange your points for a discount on airfare for a sun-filled vacation. It’s all voluntary, and everyone involved seems to benefit. Yet several interest groups, such as the Public Interest Advocacy Centre, have recently taken aim at loyalty programs. One criticism is that the benefits consumers receive are not worth as much as what the program operators get out of it. Canadian consumers seem to disagree, as 89% of us adhere to at least one loyalty program.
Chip cards are payment cards that have an embedded chip. Chip cards offer you advanced security when you use the chip to pay in store or at an ATM.
This EMV Migration Forum infographic was designed to answer the key questions surrounding the U.S. migration to EMV chip cards for payment. From this infographic, readers will learn what the migration is and when it will happen; the security features of chip cards; what will change for the consumer; and how the payment process works with chip cards.
EMV migration is not just about security but also about migration to a global standard that not only offers better security, but is the baseline for new payment products and solution’s like mobile payments.
Chip or “smart” cards are credit, debit or prepaid cards that have an embedded microchip Microchip generates a dynamic one-time use code (a cryptogram) Prevents the data from being re-used to create counterfeit cards