This latest version of the Volume includes requirements related to the Card Interchange Fee Regulation (IFR). To ensure that the proposed Volume reflects market needs, all Card schemes, PSPs, merchants’ representatives, consumer organisations and other stakeholders are invited to supply feedback by 12 August 2016. All comments will be reviewed after the consultation, and an updated final version will be published in December 2016, taking effect immediately for a three-year period.
This three-month public consultation is part of the regular cycle designed to ensure that the Volume, published by the EPC (representing Payment Service Providers – PSPs) and maintained by the CSG (a multi-stakeholder body gathering retailers, vendors, processors, card schemes and the EPC) is kept up-to-date with developments in card technology and regulation.
The key changes in version 7.5 of the Volume are the addition of guidelines to ease the compliance with aspects of the IFR related to contactless payments and choice of application. The IFR requires that from 9 June 2016 all cards must be electronically identifiable (also when used for contactless payments), enabling payers and payees to identify which brands and categories of prepaid cards, debit cards, credit cards or commercial cards are chosen by the payer.
The Volume proposes a short term solution based on Issuer (or Bank) Identification Number tables made available to merchants, and a long-term option, based on a new data elements provided by EMVCo. These guidelines were introduced in February 2016 in a Bulletin. This ID will be convenient for card issuers and acquirers to follow the transaction created.
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