Media Coverage
Source: Transaction World Magazine
Media Coverage
12.01.12
Craig Saperstein, an associate and member of Pillsbury’s public policy practice in Washington, D.C., is quoted in an article portraying 2012 as a year of momentum in the payments industry.
“2012 has been a very intriguing year. I think the most significant event from a technology perspective is how developer-friendly APIs are driving adoption of core platform/service products,” Saperstein said.
With the Durbin Amendment, introduced last October, individual clients are now able to save thousands of dollars on Visa and MasterCard fees. However, the average consumer didn’t see the savings on debit card fees come their way. In the retail industry, merchants will soon be able to pass along a surcharge to cardholders.
“There are a tremendous number of laws and regulations in existence that apply to such products. Some products and services are subject to laws in virtually every state as well as to federal laws,” Saperstein said. “In many cases banking institutions or licensed money transmitters need to be involved in order to handle the funds. Arguably, this is one of the most regulated activities both in the United States, as well as abroad.”