The Change Mariner

Wal-Mart To Refuse MasterCard Signature Debit Cards

SunSentinal:

Wal-Mart Stores Inc. will stop accepting signature debit cards issued by MasterCard, starting in February, the first major retailer to take such action since a lawsuit settlement freed merchants to pick which credit and debit card services they use.

Wal-Mart, the world's biggest retailer, said Wednesday that MasterCard's fees for the signature debit cards are too high. It will continue to accept Visa's signature debit cards.

MasterCard said the Wal-Mart decision "confirms what was always the biggest threat of the merchant lawsuit - that it would take choice about how to pay for goods and services away from consumers and place it firmly in the grip of big retailers."

The company added: "It is surprising in today's environment for any merchant to make a conscious decision that will result in dissatisfied customers and lost sales."

NOTE: Walmart advocates that customers use their pin IDs with their debit cards. This enables a much lower transaction rate as the Wal-Mart and the customer bypass the credit card networks. N.Wada

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