Fiserv-owned Accel temporarily increased the limits from $50 to $100 for all digital debit payments
To address the COVID-19 pandemic challenges in digital transactions, leading fintech company Fiserv raised its PINless transactions limits to $100. Earlier, users were eligible for only $50 for debit payments. This is applicable to all payments in the US.
The PINless limits were announced just days before Fiserv declared its Q1 2020 results. It raised $3.77 billion, GAPP revenue increasing by 151% YoY, with $1.4 billion earned from its recently acquired company First Data Corporation. Fiserv has also announced Frank Bisignano will succeed Jeffery Yabuki as the new CEO. Frank will chair the role from 1 July 2020.
Frank is only the fourth CEO in the company’s 36 years of operation. He was the COO and President of First Data, the company Fiserv acquired in July 2019. The new CEO has earlier served as the CEO of world-renowned financial services institutions such as JPMorgan Chase & Co., CITI Group and Mortgage Banking.
At the time of his appointment, Frank said, “Fiserv is an industry leader with great businesses and tremendous talent, and I am honored to have the opportunity to lead this great team. I look forward to continuing to work closely with Jeff in the coming months in his capacity as Executive Chairman as we work together to deliver on the promise of an even stronger Fiserv.”
At the time of announcement of the PINless transaction’s limit increase, Daneen Cady, VP of Accel for Card Services at Fiserv had said –
“In the current environment, consumers and merchants are looking for ways they can complete transactions safely and quickly. Raising approval limits for PINless transactions allows people to avoid contact with a PIN device and check out more quickly.”
Here are few important things you should know about the PINless transactions:
- Accel hasn’t made any change to its pre-COVID-19 guidelines and rules. These include the eligibility needed to make the transactions, interchange and fees and exception processing.
- PINless POS transactions are limited to POS transactions initiated at a physical device.
- Direct Marketing agents enabled with Accel-enabled solutions are excluded from the new limits.
- Gambling transactions and sale of travel-related agencies have also been excluded.
- Automated fuel gas stations are also excluded from availing PINless transaction limits.
With the increase in PINless transaction limits, Fiserv expects a positive response from its customers, boosting the volume of transactions in PINless mode.
Accel is world’s first debit payment platform to announce such a step toward ensuring financial transactions are not stuck, even as users continue to adhere to lockdown protocols and maintain social distancing.
Fiserv is one of the few fintech companies that have launched Paychek Protection Program (PPP) to safeguard the financial health of small businesses.
Currently, Fiserv provides fintech and payment solutions enabled with Customer Experience and Channel Management. In addition to raising the PINless transaction limits, Fiserv is also providing Risk and Compliance solutions with bank intelligence to automate and streamline every accounting operation. These steps are deployed to detect, analyze, manage and predict/prevent any types of financial risks leading to data theft, ransomware or other phishing induced scams.