Visa is reducing interchange rates, targeting fuel merchants affected by rising prices. The company has decided to restructure consumer interchange for transactions at automated fuel dispensers and service stations in the United States. Interchange for Visa consumer debit cards (Visa Check Card and Visa prepaid) is to be capped at USD 0.95 per transaction. Visa credit interchange applied to fuel transactions has been restructured into a lower rate across all consumer credit card transactions.

In the autumn of 2008, Visa is to implement Real-Time Clearing option, enabling transactions to be processed immediately instead of at the end of the day. Gas stations will send a final transaction amount within hours – if not minutes – of a cardholder’s purchase. Current fuel-payment processing can take up to two days or more.

Real-Time Clearing also provides merchants and acquirers with control over their acceptance processes. Consumers are able to pump more gas in a single transaction before hitting authorisation limits. Until October 2008, Visa is allowing consumer fuel transactions up to USD 125 to qualify for interchange rates. This interim step is effective 18 July, 2008 and will remain in place through October 2009.