Contactless Smart Cards, RFID, Payment, Transit and Security

Feds may yank Regulation E's receipt requirement for small dollar transactions

Monday, February 5, 2007

Change could open floodgates for contactless and other payment cards in vending, transit, unattended locations
by Chris Corum, Editor

Regulation E, the rule outlining consumer rights with regard to electronic financial transactions, can make things tough on new payment offerings – but many argue that is its mission. Electronic payment providers have to make a slew of disclosures, they have to guarantee against fraudulent usage, they have to provide periodic statements, and they have to provide receipts for transactions. But this receipt requirement may be loosening. The Federal Reserve (Fed) is considering a change that would exempt transactions under $15 from the need to provide a receipt. Big deal you say? Read on.

There are 892 words in the rest of this article …

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