Update to Interac Flash Interchange
Effective Date: July 7, 2021 Description: Effective January 29, 2021 Interac revised their rules to increase the Interac Flash contactless per transaction limit from $100 to $250. Issuers may optionally support Interac Flash contactless transactions up to $250 for their cardholders. As a reminder, under Interac rules, merchants are not permitted to set a per transaction limit on terminals. Impact: The Interac Flash interchange fees currently apply to Interac contactless transactions up to $100. Effective July 7, 2021 the interchange fees will apply to all Interac contactless transactions up to $250 based each merchant’s existing tier pricing qualification. Application: The interchange rates for each tier are as follows: Tiers Flat fee per transaction Criteria for each …
New Rules and Fees to Enhance Ecosystem Risk Performance
Effective Date: October 2021 Overview: Visa is introducing new rules, non-compliance assessments and fees to ensure clients properly use and action declined transaction response codes that will serve to improve authorization and mitigate invalid transactions. These changes are designed to drive improvements across the payments ecosystem by encouraging good business practices which will reduce fraud, improve authorization approval rates and reduce operational costs for the ecosystem. Securing Payment Environments EMV has rolled out in most countries and has reached a high level of maturity. Global Visa-processed data for the year ending December 2018 shows that 85% of issuer traffic at …
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