Press Releases
Visa Inc. Statement on Changes to U.S. Operating Regulations on Non-Visa Debit Transactions on Visa-Branded Cards
San Francisco, CA July 1, 2008
Visa Inc. (NYSE:V) has revised its U.S. Operating Regulations to expand the conditions under which non-Visa debit transactions can be processed without PIN validation on Visa-branded debit cards, effective July 1, 2008.
The revision to the Visa USA Operating Regulations was made in response to inquiries by the Department of Justice and the Attorneys General of
While Visa believes its previous rule was fair and competitive, Visa is pleased that the action will resolve the regulatory investigations of Visa's rules governing PINless debit transactions launched by the Department of Justice and these Attorneys General.
Following this rule change, the decision on whether to enable these transactions will be made by financial institutions that issue Visa debit cards. Today, these issuers have chosen to process approximately 80 percent of their debit transactions over the Visa network.
Visa cardholders also trust that Visa check cards offer protections such as Visa's Zero liability policy, streamlined dispute resolution and possibly rewards. To avoid confusion, Visa will continue working with issuing and acquiring financial institutions to ensure that cardholders have the clear opportunity to make informed decisions about their payment choices and that those choices are honored.
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About Visa
Visa operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com.
Contact: Randa Ghnaim, Visa Inc., Tel: +1 415-932-2163