Walmart Canada to stop accepting Visa

[Sir Prime A Lot]

Earlier this week, Home Depot Inc. sued Visa and MasterCard at an Atlanta-based federal court, accusing them of reaping high fees while refusing to require the use of PINs with chip cards to thwart fraud. Merchants can’t refuse MasterCard and Visa-branded cards without losing customers and sales, according to the antitrust claim, which seeks unspecified damages.

“Regardless of how the cardholder’s identity is confirmed, the chip makes data much more secure, rendering it almost useless to create fraudulent cards or transactions,” a MasterCard spokesman said in an e-mailed statement. Visa said it will seek to consolidate the suit with litigation filed previously.

Wow, they got this backwards. The chip with PIN decrease security and it shifts responsibility completely to the consumer while removing all responsibility from the retailer. I'm always surprised people still think this is more secure.

[Metroplex79]

Originally Posted by Goaliebot

There are a lot of reasons I prefer plastic:

- rewards/points
- tracking our spending for the household budget
- theft/loss protection
- doubling of warranties



I can tell you who won't win: us consumers.

Yep...me too. My travel rewards Visa has gotten me several "free" flights. My other Visa has gotten me a few free movies.

Luckily my very seldom used backup card is a MasterCard. But I would rather use my Visa at Wal-Mart. Let's just say I'm sure I've racked up at least $50,000 in the past 11 years. Everything from clothing, Transformers (obviously), Star Wars stuff, Lego, food, a few books, and household items (lightbulbs, cleaners, etc).

Sure I'm not one of the people severely impacted, but the rewards on my MC isn't that great, it is after all a free card, it still stings.

From Wal-Mart's perspective, they do have a point, I'm sure Visa fees have been a lot higher than pre-1990s. Ever since Visa added all these features and rewards, I'm sure they've passed some of the cost to the merchants.

[Team Jetfire]

Originally Posted by Goaliebot

I can tell you who won't win: us consumers.

You got that right. We basically have a company with a six billion dollar net profit (Visa) fighting with a fourteen billion dollar net profit (Wal-Mart) over a hundred million dollars.

That is some problem to have...

Originally Posted by Sir Prime A Lot

Wow, they got this backwards. The chip with PIN decrease security and it shifts responsibility completely to the consumer while removing all responsibility from the retailer. I'm always surprised people still think this is more secure.

Being secure and shifting responsibility are two different things.

A mag strip can be copied and reproduced in minutes while a chip is pretty well locked down and controlled.

[Robimus]

Originally Posted by Team Jetfire

A mag strip can be copied and reproduced in minutes while a chip is pretty well locked down and controlled.

After going to all the trouble to implement the chips and pass codes for them the banks sudden desire to introduce and somewhat force the "Tap" function onto its customers makes those seemingly worthwhile security features somewhat meaningless.

I've seen customers accidentally lose their cards in our parking lot on multiple occasions now getting nailed with charges at our store and other retailers because of this ability for the card to be used somewhat willy nilly by unscrupulous folk.

[Team Jetfire]

As I understand, the credit card companies will cover any purchases (within a reasonable time frame) from any unauthorized "Tap" purchases.

Apparently there is a way to "capture" the info from a Tap card, but they can't do much with that info. Card Number and Name: not enough to create a card and not enough to make a online purchase.

Truthfully the PIN is pretty simple and works well. No need to change that IMO.

[Chigimus]

Originally Posted by Team Jetfire

You got that right. We basically have a company with a six billion dollar net profit (Visa) fighting with a fourteen billion dollar net profit (Wal-Mart) over a hundred million dollars.

That is some problem to have...

Being secure and shifting responsibility are two different things.

A mag strip can be copied and reproduced in minutes while a chip is pretty well locked down and controlled.

^^ That whole post. QFT

Originally Posted by Robimus

After going to all the trouble to implement the chips and pass codes for them the banks sudden desire to introduce and somewhat force the "Tap" function onto its customers makes those seemingly worthwhile security features somewhat meaningless.

What the industry needs to do is take away the tap feature. Sure, it's convenient, but NFC transactions are highly insecure. There are scammers walking all around shopping malls, grocery stores, airports, restaurants, bars, public transportation vehicles.... just about any large gathering places in public using NFC card readers to steal your info with a seemingly innocent bump or brush against you as they try to get by you in narrow spaces. I know at least 2 people who resort to wrapping their wallets in aluminum foil before going out now, it's getting ridiculous.

[MULTIPLEX]

I wrap my credit cards in some aluminum sleeves my dad gave me. I think they are available in As Seen On TV Store. Chips are more secure but the NFC tap technology basically throws that security out the window. It's easier to steal someone's card info through this tap technology than a magnetic stripe card reader. You don't even need to touch the person, just pass the NFC reader close to the persons wallet/purse.

[Chigimus]

Well, that was a short lived threat. Carry on with your Visa's people, nothing's gonna change after all.

Walmart strikes deal with Visa to settle credit card fee dispute