Payments News

Coronavirus delays Visa’s interchange update (John Drechny quoted)

May 06, 2020

Visa is delaying previously announced interchange and fee changes until April 2021, except for changes in the supermarket category, which will remain on the same schedule.

That’s the same month to which Visa and American Express have pushed back gas station EMV migration deadlines. The previous EMV deadline for gas stations was October 2021.

“We believe this is the right decision to ensure the long-term stability of the digital payments ecosystem,” Visa said in an announcement, which also publicly confirmed its gas station EMV delay.

The delays show the dramatic impact the coronavirus has had on long-standing technology issues that require multi-year implementations, such as finishing the migration to chip and PIN cards, or rolling out new standards for faster payment processing.

These moves involve complex projects and investments that have been hindered as the virus has curtailed travel, temporarily closed businesses and disrupted supply chains.

By John Adams

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