Marc Porter, at the University of Utah, has brought nanomagnets and GMR sensors together with nothing but a simple credit-card-style swipe.
Retailers have been voicing their concerns about the high credit-card swipe fees, which average about 2% of each transaction.
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Blame it on regulation, banks have had to strike back with rule changes that impact how they can charge overdraft fees, as well as how much they can get from fees related to debit-card swipe fees.
There's no cash to exchange or credit card to swipe -- drivers a paid by Uber direct, and the fare includes a 20-percent tip.
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The chips also let phones talk directly to card-swipe terminals in stores, which has set off a race to organize and control the new world of mobile payments.
All that the user needs to do is swipe the card at the existing check-out machine and enter a four digit PIN.
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The cap on swipe-fee will put pressure on assessment fee that Visa charges card issuing banks.
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Dick Durbin, backed by a strong bipartisan majority, added a provision to the Dodd-Frank financial reform bill to reform debit card swipe fees, which have long been fixed by Mastercard and Visa and hidden from consumers, who get stuck paying the resulting higher prices.
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Mission complete, the actors hand over a swipe card which activates a video of the target's real-life experiences in the Gulf War.
Shares of Visa and MasterCard dipped last week after the Senate rejected a proposed six-month delay on a Federal Reserve rule to cap debit card swipe fees at 12 cents per transaction.
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This innovative card reader is a compact, cylinder-shaped device that helps maximize sales with new features that increase the accuracy of each card swipe.
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