The introduction of new NFC and EMV-enabled payment cards has forced merchants to upgrade their payment terminals since last 2015. However, it seems that upgrade brought other unwanted changes, such as an increase in debit transaction fees.
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Processing Payment Cards Become More Expensive With Higher Fees
Any merchant wants to attract as many customers as possible, which also means they will need to support the most common payment solutions. Plastic payment cards — credit, debit, and bank cards — are the most common form of payment all over the world, next to cash.
But the payment industry is coming to change, as card issuers have come up with new types of security and functionality to make consumer payments even more convenient. EMV chips on plastic cards add another layer of security and prevent hackers from stealing the Track 1 and 2 data from the credit card when swiping. NFC capabilities, on the other hand, allow for contactless payments wherever supporting terminals are found.
Unfortunately, there is a price to pay for these extra features, and merchants will be footing the bill. An article on