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Walmart sues Visa for chipping away at PIN debit card transactions

Walmart sued Visa for pushing it to shift debit card transactions from PINs to chip-and-signature confirmation, Reuters reports. Visa told Walmart it can’t require that customers enter their PINs when using their debit cards, which account for the bulk of card transactions at the chain, according to the Wall Street Journal

The retail giant says that boosts the risk of fraud and costs stores more, since they pay banks more for signature-based transactions than those confirmed by PINs. “Walmart believes Visa’s position creates unacceptable risk to customers and its actions and rules are inconsistent with federal law,” spokesman Randy Hargrove said in a statement.SM