As of this writing, there is no finalized “Credit Card Competition Act 2025.” What has existed are various proposals, often referred to under this name, introduced in several congressional sessions. The following points assume a future scenario in which an expanded version of this Act is passed, leading to significant implications for Acquirers.

Ultimately, the new Risk Taxonomy in the Visa Acceptance Risk Standards exemplifies Visa’s proactive stance on protecting the integrity of global commerce. By clearly defining and compartmentalizing risks, this framework encourages a more resilient, cohesive, and forward-thinking payments ecosystem—one where acquirers, issuers, and merchants can operate with greater confidence and agility.

In an era of increasing cyber threats and complex regulatory expectations, understanding the difference between mandatory and recommended controls is pivotal. Compliance with mandatory requirements is non-negotiable, but leveraging recommended controls can elevate a business’s risk management strategy. By integrating both sets of controls, merchants underscore their dedication to a safer transaction environment—ultimately benefiting their brand, their customers, and the broader payments ecosystem. In the future, the payments industry that adopt recommended measures will be better positioned to adapt to evolving threats and maintain trust across the digital commerce landscape. An integrated approach ensures businesses remain resilient in an evolving ecosystem.

Visa’s recent update to require an Acquirer to check the Terminated Merchant File (TMF) before onboarding a new merchant signals a significant change in the payments industry. The TMF contains merchants who have been flagged for violations or fraudulent activity in the past, serving as a safeguard against risky partnerships. By making this check mandatory, Visa aims to foster a more secure ecosystem, reduce financial fraud, and protect both the Acquirer and its broader network.

Visa’s retirement of the Global Acquiring Risk Standards (GARS) and introduction of the new Visa Acceptance Risk Standards (VARS) signals a significant shift in how acquiring banks, payment facilitators, and other stakeholders manage risk and ensure compliance. The overarching goal remains to protect the payments ecosystem from fraud and reputational harm, but VARS introduces a more dynamic framework that places a stronger emphasis on third-party oversight.