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Reg E change could boost self-service payments
August 9, 2007
Digital Transactions: Electronic transactions in self-service machines should get a boost from a Federal Reserve System rule change that was expected to take effect this week. The rule change also could foster contactless transactions at those machines, laying the groundwork for payments via mobile, says Randy Vanderhoof, executive director of the Smart Card Alliance. The Fed is modifying a long-standing requirement in Regulation E that consumers must receive a receipt for all EFTs at "electronic terminals." Under the change, signature- and PIN-based debit transactions of $15 or less will no longer require a receipt.
Banking Executive SummaryTransaction ProcessingRegulation / LegislationEFT NetworksKiosks/Self-ServiceDebit / CreditOtherNorth AmericaBank / Credit Union
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