FTC asks Visa for information on debit card service

FTC asks Visa for information on debit card service

The Federal Trade Commission (FTC) Visa Inc has a debit card Dodd-Frank Act regulations regarding the services that violated may be asked to provide information, the company said.

Competition in violation of the FTC’s Bureau of Information Durbin amendment requests related to the company’s annual U.S. Securities and Exchange Commission 10-K-filing Friday said the visa.

Durbin Amendment, Dodd-Frank Act is a part of the 2010′s, that the swipe fees merchants every time a consumer purchase using a debit card is prone to be charged.

September 21 issued by the FTC voluntary access letter and request information “about the purpose, implementation, and optional PIN debit gateway to the effect” was focused, visa filing said.

However, the revenue generated by the service company’s financial statements is not material, Visa said.

Disclosed in a regulatory filing in May that the U.S. Department of Justice documents and a new law and debit card fees are limited by the rules to ask for information about its effects.

A new fee structure of the acquirer permanent visa fees for network processor card network or other injury may have more impact on the transaction.

Visa shares were up more than 1 per cent in afternoon trade in New York Stock Exchange to $ 142.20.

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