MILLIONS of people have had their Visa debit cards replaced by Mastercards amid an industry war against the payment giant.
Customers of Santander and First Direct have been sent replacement Mastercard debit cards to use with their current account, and NatWest is soon to follow.
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Banks have denied their decision is linked to fees charged by Visa and said it was to improve customer experience.
But the change has left customers disgruntled due to their new cards failing at the checkouts.
One angry user said: "You need to get this sorted, you've changed all my cards over to MASTERCARD, guess what happens when there's an issue with Mastercard?!
"Had to walk out a shop earlier after already having the service, luckily they knew me.. still need to pay them though."
Another fumed: “Sort it out @santanderuk since you changed from Visa to Mastercard, it’s been nothing but issues.
“My account isn’t working today. Good job this isn’t my main account and I have a couple of current accounts with other banks. As soon as my savings interest rate runs out I’m leaving!”
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“On the phone AGAIN to resolve randomly declined payments. + lots of #retail apps not fully supporting MasterCard security checks. This call is 18mins and counting! #BringBackVisa @Visa”
NatWest customers have been notified that they will have their expiring Visa debit cards changed to Mastercard ones over from December.
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Some have speculated whether the decision to switch away from Visa cards is linked to the firm’s ongoing row with Amazon, in which Amazon said it will no longer accept Visa credit cards from January due to high transaction fees.
Visa debit cards will still be accepted on the site.
But banks say the decision was not recent, although some customers are only now just receiving their new Mastercards.
It comes as Amazon announced it would not accept Visa credit card payments from January.
Salim Secretary, of NatWest Group, said: “For the last year we have been extensively considering how we develop more tailored payment options for our customers.
"Earlier this year we announced we are extending our existing relationship with Mastercard beyond credit cards and into debit payments.
"We believe this partnership will enable us to offer more tailored payment options to our customers however they wish to pay – whether in store, online or via mobile devices.”
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Santander said: "We regularly review our third-party providers, and the decision to switch from Visa to MasterCard was based on a wide range of factors.
"In October a small number of customers experienced issues when making a payment. This was related to our own internal systems and not to do with MasterCard, and we are sorry for the inconvenience this caused."
The Sun has approached Visa, Mastercard and First Direct for a comment.
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The proposed deal is subject to court approval. The defendants have all denied any wrongdoing. Visa will pay $104.6 million in the accord, and Mastercard will pay $92.8 million, the settlement papers showed. The bank defendants earlier settled claims for $66 million.
Visa and Mastercard are set to pay a combined $197.5 million to settle a historic class action lawsuit in the USA relating to allegations of fixing the price of ATM fees.
The $197 million settlement has been reached by the parties in federal court in Washington, D.C., and is subject to court approval. Of that, Visa will pay $104.6 million and Mastercard will pay $92.8 million.
NEW YORK, June 25 (Reuters) - A U.S. judge on Tuesday rejected a $30 billion antitrust settlement in which Visa (V.N) , opens new tab and Mastercard (MA. N) , opens new tab agreed to limit fees they charge merchants that accept their credit and debit cards.
Visa and Mastercard reached a settlement with U.S. merchants this week that could have some trickle-down effects for consumers if the deal is approved. The agreement would lower credit card interchange fees, which merchants pay to process credit card transactions, and hold them at that reduced rate for several years.
The lawsuit is about claims that merchants paid excessive fees to accept Visa and Mastercard cards because Visa and Mastercard, individually, and together with their respective member banks, violated the antitrust laws.
Apply for a settlement via a formal letter in which you will again explain in detail why you can't pay the entire debt amount. The lender may decide on a lump sum settlement amount based on the severity of your circ*mstances. As part of the debt settlement process, provide the whole amount that your lender decides.
Transaction settlement is the process of moving funds from the cardholder's account to the merchant's account following a credit or debit card purchase. The issuer will route funds to the acquirer via the card network. For debit card payments, the funds will be withdrawn directly from the cardholder's bank account.
Debt settlement companies offer to help clear your outstanding debts by negotiating a smaller amount than you actually owe. Debt settlement typically has a negative impact on your credit score.
If you're being sued, you'll receive official court papers
One is called a Summons and the other a Complaint. These documents are typically handed to you or might be left with someone 18 years or older at your home, work, or mailing address.
U.S. merchants who processed Visa and Mastercard payments during a 15-year period have been given an extension until August 30 to file claims for their share of a landmark $5.5 billion class-action settlement.
You may lose the ability to dispute the debt, if you believe you don't owe it or that the amount is wrong, and depending on your situation and your state's laws, the creditor may be able to: Garnish your wages. Place a lien against your property. Move to freeze funds in your bank account.
Visa Inc. and Mastercard Inc. agreed to cap credit-card swipe fees — a deal that US merchants say will save them at least $30 billion over five years — in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
If your bank switched a card from Visa to Mastercard, it was likely because they felt the features and benefits of Mastercard were better than those of Visa. For example, the issuer might take into consideration processing fees or network-level benefits like travel insurance or purchase protection.
The biggest (and most obvious) difference between Visa and Mastercard is that they operate on totally separate payment networks. While a bank might issue both Visa and Mastercard branded cards, they are processed using different systems.
All refund requests should be submitted to VFS by You either through an email or in-person in the Visa Application Centre or through the online form Refund Request Form.
The settlement stems from a 2005 lawsuit that alleged merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa and Mastercard and their member banks acted in violation of antitrust laws.
How much money will I get? The amount paid from the settlement fund will be based on your actual or estimated interchange fees attributable to Visa and Mastercard card transactions (between you and your customers) from January 1, 2004, through January 25, 2019.
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