On Tuesday, Walmart sued Visa. The claim? That Visa is trying to force Walmart to use a less secure payment system that happens to generate more revenue for Visa.
The conflict highlights the dismal state of American payment technology. When the United States switched to chip-based credit and debit cards last year, it became one of the last developed countries in the world to do so.
America is even further behind in the switch from signatures — which are almost useless for preventing fraud — to the four-digit personal identification numbers (PINs) that customers in many developed countries use to approve credit card transactions…
Read more: Europe does debit cards better than America