The Federal Reserve has eliminated the requirement for receipts to be provided for payment card transactions of $15 or less. This opens the floodgates for cards to be accepted at an array of new locales – from vending machines and parking meters to kiosks and laundries. I would venture to say that we may soon be using credit and debit cards in ways and places we’ve never before imagined. The change was made to Regulation E, the rule government electronic transactions, and is a huge boost for the payments industry. The change will go into effect 30 days after its printing in the Federal Register which is “expected soon.” Read more about the proposed change in a prior ContactlessNews article, or check out the eleven page summary at the Federal Reserve.
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