Visa blamed debit interchange as the reason for continuing to delay the adoption of credit cards with embedded chips in the U.S.
Visa cited the "recent debit card regulation" as casting "uncertainty" in the marketplace in an announcement of how it is supporting the embedded chip cards overseas.
"With the United States facing government price controls on debit and restrictive routing and exclusivity rules, it is not feasible or appropriate to drive the market toward major infrastructure investments, especially in an environment where financial institutions could lose billions in revenue as a result of the regulation," said Bill Sheedy, Visa group executive for the Americas.
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