Apple Pay's recent move to waive the £30 contactless transaction limit in the U.K. removes one of the key restraints it faced when competing with credit and debit cards at the checkout. But at this point in the mobile wallet adoption cycle, does this change really matter to consumers and merchants?
Mastercard Inc. preyed on more than 46 million unknowing consumers by unfairly charging card fees over a 16-year period, lawyers seeking to bring a 14 billion-pound ($17.2 billion) class-action lawsuit told a London court.
Prior to the October 2015 EMV chip-card liability shift in the U.S., various merchant groups expressed concerns about factors that would keep them from meeting that deadline — some of which remain beyond their control.
The percentage of EMV transactions in the United States is miniscule compared to other parts of the world, but the migration to chip cards in the U.S. is lifting the technology's global growth — now at 42.4% of all card transactions.
Visa Inc. has clarified its position on EMV debit card routing to address growing concern among merchants that the card brand's rules were forcing those transactions onto the Visa network rather than allowing merchants to choose among less expensive options.
For the first time, EMVCo, the card network-operated EMV standards body, has established an approval process to formally certify that contactless mobile payment devices can operate at EMV approved terminals.