CMSPI STATE OF THE INDUSTRY REPORT
US Supreme Court holds that ATMs are not Bank Branches, encouraging interstate EFT Networks
1985
2.2 CARD
Federal court rejects NaBanco suit stating the card industry is nascent, so anti-trust doesn’t apply
1986
1988
Mastercard purchases Cirrus EFT Network
Duality agreements allow ATM owners between V/MC networks to do business with the others’ network, introduction of online transactions
1990 S
Walmart, Sears, and other retailers bring a class action against Visa and Mastercard on the basis of unfair price setting and rules of acceptance.
1996
Following pressure from litigation, Visa Europe agrees to reduce the level of interchange fees for different types of consumer cards to a level of 0.7% by 2007. 170
2002
• Australia’s Reserve Bank becomes one of the first regulators around the globe to set an interchange cap • Visa and Mastercard settle in the U.S. case brought by Walmart and other retailers, relaxing their honor all cards rule across debit and credit products and agreeing to lower rates. 171
2003
Payment Card Interchange Fee and Merchant Discount Antitrust Litigation Filed
2005
2006
Mastercard Initial Public Offering
2008
Visa Initial Public Offering
Dodd-Frank passes with Durbin amendment, and Regulation II introduced by the Federal Reserve, capping debit interchange and mandating issuance of at least two unaffiliated debit card networks
2010 /2011
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