Visa Changes PIN Policy For $25-Or-Less Purchases
Visa is rescinding a rule that requires merchants to treat Visa-branded PIN-debit cards differently from signature debit cards. Co-host Renee Montagne reports.
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RENEE MONTAGNE, host:
It could soon get easier to use those debit cards to buy groceries or other small purchases. Visa is no longer requiring debit card users to punch in PIN numbers to buy goods that cost less than $25. The move comes after a Justice Department probe into debit card competition and whether Visa was making it hard to use its cards on rival networks. The change went into effect this week, although it may take time for banks to install the technology that allows for PIN-free purchases.
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