MasterCard's New "Debit" Hologram
MasterCard debit issuers in the United States should note that they will be required over the next few years to use a new MasterCard debit hologram on all MasterCard-branded consumer signature debit, stored-value, electronic benefits transfer, prepaid, and payroll cards.
The hologram, which has the word "debit" in it, is a result of a lawsuit brought against MasterCard and Visa by Wal-Mart and other U.S. merchants that objected to the credit card companies' requirement that retailers that accept the credit feature of their cards had to accept the debit feature. Because of that suit, merchants can choose which payment methods they will accept after January 1, 2004. Because of this, MasterCard required debit card issuers and card manufacturers to adopt and implement the new hologram design standard by January 1, 2004.
The settlement specifies that debit card issuers are required to have 80 percent of their cards re-issued with the debit feature identified by July 1, 2005 and 100 percent re-issued by January 1, 2007.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 6, 10/10
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