Visa Delays Interchange Fee Updates Until 2021
According to Digital Transactions, Visa recently announced that it will postpone their latest interchange rate changes until April 2021.
A package of interchange rate changes, the first major adjustments in Visa’s interchange schedule in years, originally had been set to take effect April 2020. The package included increases for eCommerce transactions and decreases for supermarkets. In late March, Visa said it would delay implementation by three months because of the distress many merchants are experiencing from the pandemic. Now that has been pushed out almost a year.
“We will further delay previously announced U.S. interchange and fee changes for a year to April 2021,” Visa said in a blog post. “The exception is the planned interchange reductions in the supermarket segment will go forward. We believe this is the right decision to ensure the long-term stability of the digital payments ecosystem.”
Automated Fuel Pump Dispensers Delayed
Visa also announced that its October EMV liability shift for automated fuel dispensers will be delayed until April 2021. “We are also further delaying the date for gas-station owners in the U.S. to upgrade their payment terminals to take EMV chip and contactless payments to April 2021,” Visa’s post says.
“While we continue to believe EMV is the best way to decrease fraud, we recognize the supply chain and staffing challenges that are impacting the ability for gas-station owners to complete the upgrade at this time.” American Express Co. followed suit with postponements of their own planned EMV fuel-pump liability shift until next April. Mastercard and Discover have yet to reveal their plans.
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