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NewsBriefs

This article contains excerpts from news stories recently posted under 2,500 comment letters have been submitted, with banks
Breaking Industry News on our homepage. For links to these and other arguing that the proposed cap is too low and merchants
full news stories, please visit www.greensheet.com/breakingnews. advocating for either maintaining or further lowering it.
php.
Initially set in 2011, the cap is planned to decrease from 21
cents to 14.4 cents plus additional fees for fraud prevention.
Merchants argue for even lower fees, citing shifts in
fraud liability, while banks emphasize rising fraud and
Visa thinks one card should be all you need operational costs. The Federal Reserve's review of these
comments may delay the implementation of the new cap.
Visa plans to transform credit and debit card usage
with new features aimed at simplifying payments and Extended deadline offers merchants
enhancing security. The company introduced a "flexible reprieve in $5.5B settlement
credential" allowing a single card to access multiple
payment methods—credit, debit, BNPL and rewards The U.S. District Court, Eastern District of New York,
points. extended to Aug. 30, 2024, the deadline for claims in the
$5.5 billion antitrust class-action settlement involving Visa
This feature is operational in Asia and set to launch in the and Mastercard's interchange fees. This gives businesses
United States with Affirm this summer. Visa's innovations an extra 90 days to claim their part of the nation’s largest
also include biometric authentication, tokenization and antitrust settlement, covering transactions from Jan. 1,
pay by bank options, designed to address increased online 2004, to Jan. 25, 2019.
fraud and shift consumer preferences toward digital and
secure transaction methods. The extension aims to ensure broader participation,
although dissatisfaction remains among some merchants
Banks, merchants blast Fed over debit pricing plan regarding the settlement's adequacy in addressing long-
term competitive issues in the payment processing
The Federal Reserve is facing opposition regarding its industry.
plan to reduce the cap on debit card interchange fees. Over

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