Retailers remain uncertain on whether or not they will pass their new debit card fee savings on to their customers, a new report has revealed.
The Direct Response Forum surveyed 169 executives from some of the world’s largest retailers regarding the impact that the recently passed Durbin amendment will have on their business practices.
According to the survey, 41 percent of merchants said they will not be passing on debit card fee savings to customers, while 56 percent of merchants said they remain unsure of the impact that the new rules will have on their business.
The survey also showed that interchange fees, alternative payments and PCI/fraud are major concerns among payment professionals.
Mobile payments are becoming more of a reality, with 11 percent of merchants claiming to have a solution and 43 percent of merchants planning on implementing a solution in the next year.
"In the last six months mobile payments and other alternative payment schemes are becoming important areas of opportunity for payment professionals,” DRF executive chair Chantal Gaspie said. “Alternative payments have replaced chargebacks as one of the top three issues on the minds of payment professionals.”
A follow up question on the survey showed that only 40 percent of respondents feel comfortable that mobile payment options offer a secure credit card environment. This reflects the need for mobile phone providers and payment systems to develop a secure solution for the rapidly expanding market.