Wal-mart Sues Visa Over Signatures On Chip-card Transactions

[rockin'robin]

Wal-Mart Stores is suing Visa for allegedly forcing the retailer to let customers use signatures when paying with their chip-based debit cards.

The retail giant filed a lawsuit in New York court, saying that Visa wouldn't allow Wal-Mart to just use the "chip-and-PIN" protocol and that it was required to allow customers to sign when using a chip debit card. Wal-Mart is seeking a jury trial, according to the complaint.

"PIN is the only truly secure form of cardholder verification in the marketplace today, and it offers superior security to our customers," Wal-Mart said in a Tuesday statement. The company added that its "customers understand PIN verification because it's required to access their funds at ATM machines."

"And VISA has acknowledged in many other countries that Chip and PIN offer greater security. VISA nevertheless has demanded that we allow fraud-prone signature verification for debit transactions in our U.S. stores because VISA stands to make more money processing those transactions," Wal-Mart said.

The retailer concluded by saying that Visa's "position creates unacceptable risk to customers and its actions and rules are inconsistent with federal law."

Visa declined to comment to CNBC.

http://www.cnbc.com/2016/05/10/wal-...cebook|business|link|051116|7AM|WMT-Visa-suit

 

[hoichi]

Whats Is the big deal?

So visa says those who use it must sign their Sig

Wal-Mart is defiant about the signing and seeks to resolve it via the courts

Wow

I have to be missing something...

Its not like we ever signed our sigs while using credit cards before

..
That would be crazy....

 

[rockin'robin]

About these Visa Chip Cards...Yesterday, went to the ATM and used mine...(my old card was still in effect)...When I made my transactions at the ATM machine...I forgot to remove the card....several hours later, went to the Groomers and I noticed my new VISA Chip Card was missing...Luckily, I was still able to use my old card...Searched everywhere for the VISA Chip Card...no luck...so I went to the Bank to report it....The Rep at the bank laughed about it and said that he had done this twice! (Forgetting to take the card out of the machine, as it holds the card until you are done with our transaction)....He shredded my old card...*sigh*...and gave me a new VISA Chip Card....I really don't like these cards!

 

[rockin'robin]

Whats Is the big deal?

So visa says those who use it must sign their Sig

Wal-Mart is defiant about the signing and seeks to resolve it via the courts

Wow

I have to be missing something...

Its not like we ever signed our sigs while using credit cards before

..
That would be crazy....

Wit the old card, there were only a few places I had to sign...most just took the Pin #....At the ATM drive-thru...the machine holds the new VISA Card until the transaction(s) are done....and a lot of people "forget" to remove the card, as they are used to inserting their old card and removing it after punching in the pin #....Gonna take a while for people to remember to take their card as I did. And that was vertified by my Bank Rep when I went there.

 

[Jane B.]

Is it a matter of allowing the customer to sign or do they have to sign? If the customer wants to use their PIN rather than sign are they allowed to? My bank has not yet issued me a chipped debit card so I cannot check this myself.

 

[Foxrac]

Chip and PIN have been used in other countries since 1990s but US is very behind with technologies.