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Friday, June 24, 2016

Home Depot joins chip-and-PIN protest

Atlanta-based Home Depot Inc. filed a lawsuit against Visa Inc. and MasterCard Worldwide Jun. 15, 2016, to challenge chip-and-signature verification, a practice that has largely defined the rollout of smart card technology in the United States. Home Depot is suing the payment card brands for the right to require PIN with every chip card, affirming the practice as a more secure payment method commonly used in 80 other countries that have implemented EMV (Europay, MasterCard and Visa) technology, including the United Kingdom, France and Australia.

The lawsuit claims that Visa and MasterCard have engaged in interchange “price-fixing” and have made PIN entry optional in order to route PIN-less debit card transactions to higher-priced credit card networks.

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