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have become increasingly popular since the onset of the COVID-19 pandemic, bottlenecks in chip supplies have
particularly among younger consumers, according to several surveys. become so critical that upward of 1
billion credit and debit cards are at
NAC wins class action against Visa, Mastercard risk of not being issued between now
A recent decision by The U.S. District Court, District of Columbia, affirmed and 2023. And that, by extension,
independent ATM deployers' right to fair and transparent surcharge pricing could put a serious crimp in the gross
after a lengthy legal battle between plaintiffs represented by the National ATM domestic products of nations large
Council Inc. and major card brands Visa and Mastercard, the defendants. At and small.
issue is the right for consumers and ATM industry stakeholders to withdraw
cash at retail ATMs without added penalties, which are alternatively called "A lack of payment cards will directly
access fees or foreign ATM fees, NAC representatives stated. translate into less purchases, which
will ultimately have a detrimental
The lawsuit, filed by NAC and 13 ISOs in 2011, was initially rejected by a circuit impact on GDP," said Phil Sealy,
court and later reinstated after counsel, led by Jonathan L. Rubin, partner at digital security research director
MoginRubin LLP, appealed to the U.S. Supreme Court, which affirmed the at London-based ABI Research.
class action lawsuit's right to a hearing. Bruce Renard, executive director at Chip cards are integral to the EMV
NAC, thanked Richard J. Leon, U.S. District Judge, for certifying the class of security standard for credit and debit
Independent ATM Operators in this long standing antitrust litigation. cards. As of year-end 2020, there were
10.8 billion EMV cards in circulation
Global chip shortage throttles card issuance worldwide.
The global chip shortage is cascading through nearly every economic sector, Open banking education needed
including the companies that manufacture credit and debit cards, and to in US, survey finds
a lesser extent, those that manufacture the devices businesses use to accept
card payments. According to several recent reports, the widely documented As open banking capabilities power
fintech innovation around the globe,
a consumer survey published by
API provider Axway on Aug. 10,
2021, shows half of U.S. citizens
have neither heard of open banking
nor understand its true potential.
Also, while 81 percent of Americans
surveyed believe their existing
financial institutions can meet day-
to-day needs, researchers found that
40 percent of respondents are already
engaging in open banking activities
by sharing banking credentials with
third-party software providers.

Evan Sivan, head of open banking
at Axway, suggested the study
highlights a teachable moment
for U.S. consumers and service
providers. "People still trust and need
their banks, but these new FinTechs
are offering amazing tools that
people really want to use," he said
in a statement. "Open banking is the
solution to making sure traditional
financial institutions and FinTechs
can work properly – and securely –
together." Sivan further noted that
half of survey respondents failed to
grasp the central premise of open
banking, which he stated is basically
about letting people control their
money.

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