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Wal-Mart to stop accepting Mastercard signature debit cards
Little Rock (US), Dec 04: Wal-Mart stores Inc will stop accepting signature debit cards issued by Mastercard starting in February, the first major retailer to take such action since a lawsuit settlement freed merchants to pick which credit and debit card services they use.
Little Rock (US), Dec 04: Wal-Mart stores Inc will
stop accepting signature debit cards issued by Mastercard
starting in February, the first major retailer to take such
action since a lawsuit settlement freed merchants to pick
which credit and debit card services they use.
Wal-Mart, the world's biggest retailer, yesterday said
that Mastercard's fees for the signature debit cards are too
high. It will continue to accept Visa's signature debit cards.
The company released a statement to the Wall Street Journal in which Mastercard accused Wal-Mart of telling customers how they can pay. "It is surprising in today's environment for any merchant to make a conscious decision that will result in dissatisfied customers and lost sales."
When the change goes into effect February 01, Wal-Mart doesn't expect many customers to be stopped dead at the cash register.
Wal-Mart spokeswoman Melissa Berryhill said yesterday that fewer than one per cent of Wal-Mart transactions are under Mastercard signature debit cards, and more than 90 per cent of the cards carry a personal identification number that can be used instead of a signature.
Wal-Mart will continue to accept Mastercard debit cards if they key in their pin numbers.
Berryhill said saving money is at the root of the move.
"We don't want to pass the costs associated with the signature debit on to our customers in the form of higher prices," Berryhill said.
Bureau Report
The company released a statement to the Wall Street Journal in which Mastercard accused Wal-Mart of telling customers how they can pay. "It is surprising in today's environment for any merchant to make a conscious decision that will result in dissatisfied customers and lost sales."
When the change goes into effect February 01, Wal-Mart doesn't expect many customers to be stopped dead at the cash register.
Wal-Mart spokeswoman Melissa Berryhill said yesterday that fewer than one per cent of Wal-Mart transactions are under Mastercard signature debit cards, and more than 90 per cent of the cards carry a personal identification number that can be used instead of a signature.
Wal-Mart will continue to accept Mastercard debit cards if they key in their pin numbers.
Berryhill said saving money is at the root of the move.
"We don't want to pass the costs associated with the signature debit on to our customers in the form of higher prices," Berryhill said.
Bureau Report