WASHINGTON – The Federal Reserve last week amended its Reg E, Electronic Funds Transfer Act, so that merchants will no longer be required to make a receipt available for debit card purchases of $15 or less. The regulation had required merchants to issue a paper receipt to consumers for all electronic debit card transactions conducted in physical environments. The new rule will be effective 30 days after its publication in the Federal Register, which is expected soon. The move is expected to accelerate adoption of debit payment at unattended point-of-sale locations, such as vending machines, kiosks and other self-service machines.
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