Plastic pricing.
A jury trial due to start in New York in May 2003 was settled out of court when Visa and MasterCard, the world's two biggest credit-card associations, agreed to pay $3 billion in compensation to retailers and to lower their charges for certain payments. That ended a class action led by Wal-Mart, on...
| Publicado en: | Economist Vol. 367; no. 8322; pp. 68 - 70 |
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| Formato: | Artículo |
| Publicado: |
Economist Newspaper Limited
5/3/2003
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=9675668&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 9675668 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00130613 ECO jtl: Economist issn: 00130613 maglogo: N pubinfo: dt: 5/3/2003 vid: 367 iid: 8322 pid: 161 pub: Economist Newspaper Limited artinfo: ui: 9675668 ppf: 68 ppct: 2 formats: tig: atl: Plastic pricing. aug: su: Credit cards Visa Inc. Mastercard International Inc. Point-of-sale systems industry Wal-Mart Stores Inc. Trials (Law) Debit cards Consumer credit sug: subj: Credit cards Visa Inc. Mastercard International Inc. Point-of-sale systems industry Wal-Mart Stores Inc. Trials (Law) Debit cards Consumer credit ab: A jury trial due to start in New York in May 2003 was settled out of court when Visa and MasterCard, the world's two biggest credit-card associations, agreed to pay $3 billion in compensation to retailers and to lower their charges for certain payments. That ended a class action led by Wal-Mart, on behalf of nearly 5 million American retailers. The plaintiffs' real victory, however, was to force Visa and MasterCard to lower their fees for offline debits. The retailers claim that the credit-card associations have been forcing them to give customers complete freedom to choose whether they use credit or debit cards, and whether they verify their identities electronically or with their signatures. This may sound harmless, but the retailers say that one method of payment has cost them collectively billions of dollars a year in unnecessarily high charges--which they have passed on to their customers. At issue were the so-called interchange fees that Visa and MasterCard levy from retailers, on behalf of issuing banks, every time one of their customers uses a debit or credit card. The safest and most efficient payment method, from the retailer's point of view, is a debit card combined with a PIN (personal identification number) punched by the customer into an online device at the point of sale. pubtype: Periodical doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 2003 holdings: @attributes: islocal: N |
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