Visa Follows MasterCard, Bans Online Gambling Transactions
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The Unlawful Internet Gambling Enforcement Act may not go into effect until June, but already major credit card companies have stopped processing online gambling transactions. Visa, the biggest credit card supplier in the US, has become the latest company to block the transactions.
MasterCard was the first of the major credit card companies to block online gambling transactions, but that effect was not felt strongly with many people using Visa credit cards. Now, millions of players in the US will be affected by Visa’ decision to block their transactions.
Representative Barney Frank is leading a charge in Congress to have the UIGEA overturned. He has gained the support of many lawmakers, and successfully lobbied the Treasury Department in December to delay the publishing of the rules for the UIGEA until June.
With the focus of Frank’s Financial Committee being on the economy, the lawmaker from Massachusetts has been unable to find time to have a discussion on his proposed legislation. With June just a few months away, Frank must move quickly to have his Bill passed.
There is always the chance that Frank once again asks the Treasury Department for a delay. If granted, Frank would most likely have to the end of the year to pass his legislation.
The credit card companies, in the meantime, have made the decision to start abiding by the UIGEA already. MasterCard shocked many a few weeks ago with their decision, and now both MasterCard and Visa are taking big risks.
The online players will survive by finding another method to deposit money into their online casino accounts, E-wallets have become a popular deposit methods. The credit card companies, however, may lose millions of dollars after their recent decisions.