As the emergence of on-line and off-line get together, I'm concerned about determining what is an on-line transaction and what is an off-line transaction. Today, there are two rulings: card present and card not present. A card present transaction is when you swipe or enter your chip and PIN at a store. If I walk in with a mobile phone and I pay with my mobile phone, that's considered an Internet card not present transaction, based on VISA or MasterCard rulings. Those are typically higher interchange rates that are regulated by the credit card companies, not regulated by us or the government.
On November 21st, 2011. See this statement in context.