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FTC seeks details from Visa on debit card service

Source : AP
Last Updated: Fri, Nov 16, 2012 20:45 hrs

The Federal Trade Commission is looking at the details of one of Visa's debit card programs to see if it complies with new rules under the 2010 financial regulatory reform.

Visa Inc. says in a regulatory filing that the FTC asked for information about a voluntary program for merchants that accept debit cards with the Visa logo, on Sept. 21.

"The request focuses on information related to the purposes, implementation, and impact of the optional PIN Debit Gateway Service," the San Francisco-based payment processor says in Friday's Securities and Exchange Commission filing.

The request indicates the FTC wants to determine if the program violates a provision of the financial reform known as the "Durbin Amendment," which limits how much merchants who accept cards can be charged to process the payments.




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