A fight between U.K. retailers and credit-card companies that has lasted five years and spawned wildly different court rulings reached a London appeals court Monday that could determine the fates of lawsuits potentially worth billions.
By any measure, if Visa can trim more than two weeks off a chargeback dispute, it should help merchants and cardholders. But like many efforts to improve the payments market, it won't be an easy change.
There are still millions of merchants in the U.S. clinging to relic point of sale methods — and they are not easily swayed by fancy new touchscreens and mobile wallets. This means companies such as Verifone must go to greater lengths, just to meet them halfway.