PINless Debit Payments—What’s a Bank (or Credit Union) to do?

As the payments industry continues to expand and grow, the introduction of new payment methods will alter the status quo. Some of these, like Bitcoin, will offer a completely new payment ecosystem. Others, like mobile payments, will focus on improving the existing ecosystem by providing new and improved customer experiences. And then there will be others, like PINless Debit, that focus on creating winners and losers in the current model.

While this latter approach is unhealthy for the payments industry and consumers alike (PINless Debit Payments—Here we go again…), it is happening, and it is something that industry players need to manage. By nature, as a zero sum game, PINless Debit creates both winners and losers. There seem to be two winners in this game—merchants who receive reduced interchange rates, and EFT networks that gain a new competitive weapon in their long-standing battle with Visa and MasterCard. On t ...

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