By Published On: December 9, 2022Categories: Industry Updates

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.