As announced in the January 31, 2019 edition of the Visa Business News, all terminals accepting contactless payments in the U.S. have been required to actively support the chip-based contactless functionality, quick Visa Smart Debit/Credit, and disable the Magnetic Stripe contactless transaction.

Migrating from legacy Magnetic Stripe contactless to the EMV-based contactless technology, Visa Smart Debit/Credit, is important to improving payment security while delivering an improved customer experience. In support of this, Visa will assess a $0.10 fee, billed to merchants, for each Magnetic Stripe (MSD) transaction beginning April 1, 2023.