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April 20, 2022

On the wires

Nationwide Building Society Improves Member Experiences With Pega Smart Dispute


Pegasystems Inc. (NASDAQ: PEGA ), the software company that crushes business complexity, today announced Nationwide Building Society deployed Pega Smart Dispute for Issuers to transform its Visa card disputes process. This enabled Nationwide to improve agent performance and customer satisfaction by streamlining the systems required to handle a dispute from 15 down to two and reducing dispute processing time by approximately 15%.”

April 13, 2022

On the wires

All of the Benefits, None of the Gimmicks: Bread Financial™ Unveils New Bread Cashback™ American Express® Credit Card

“Bread Financial (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions, today announced the launch of a new consumer credit card – the Bread Cashback™ American Express® Credit Card. Bread Cashback offers unlimited 2% cash back with no reward caps and no categories to manage. Plus, there are no annual fees or foreign transaction fees. Cardholders will also have access to premium American Express offers and benefits.”

April 7, 2022

On the wires

American Express Increases Speed for Fintechs to Launch Cards on the Amex Network, Powered by i2c

“American Express (NYSE:AXP) and i2c Inc , a provider of digital payment and banking technology, today announced an expanded global, multi-product agreement that will enable fintechs and financial institutions around the world to develop and scale innovative payments solutions for consumers and businesses on the American Express global payments network. The agreement signals that the American Express network is ‘open for business’ with fintechs by creating a plug-and-play onboarding platform to bring innovative products to market at speed.”

April 6, 2022

On the web

Debit Card Antitrust Case Against Visa Revived, With New Judge


“A U.S. appeals court on Tuesday revived an antitrust case against Visa Inc over debit card services and reassigned the dispute to a different Texas federal court, after criticizing the slow pace of the litigation and questioning whether the trial judge was biased against the plaintiff. The 5th U.S. Circuit Court of Appeals panel in New Orleans ruled unanimously 3-0 for plaintiff Pulse Network LLC, a subsidiary of Discover Financial Services, which sued Visa in 2014 over claims it was using its dominance to reduce competition in the market for debit card services.”

April 5, 2022

On the wires

PayPal Introduces New Cashback Credit Card to Make Checkout With PayPal Even More Rewarding

“PayPal (NASDAQ: PYPL ), today announced the introduction of the new PayPal Cashback credit card, issued by Synchrony, which gives customers even more cash back when they shop with PayPal. With the new card, customers earn unlimited 3% cash back when paying with PayPal at checkout – online, mobile, or in-store with PayPal QR Code where eligible – and unlimited 2% cash back on all other purchases anywhere Mastercard is accepted.”

April 4, 2022

On the web

Visa Changes Rules for Gas Stations to Avoid $125 Pump Limit


Visa Inc. and Mastercard Inc. are planning a raft of changes to rules for gas stations to allow larger transactions after a surge in fuel prices across the U.S. made it hard for some drivers to fill up using credit cards. Many gas stations have a $125 limit for Visa transactions at the pump because larger transactions trigger higher fees for certain cards, as well as additional liability in the event of fraud. In recent months, that’s forced some customers — those who drive large SUVs in states with high fuel prices, for example — to pay using two transactions to top off their tanks.”

April 1, 2022

On the web

March 31, 2022

On the web

Visa and Mastercard caught in legal storm over card fees

The Telegraph

“More than 100,000 British companies are to sue Mastercard and Visa over claims they charge fees on corporate credit cards at up to six times the maximum level. A class action claim will be filed on Thursday with the Competition Appeal Tribunal (CAT) by boutique law firm Harcus Parker, on behalf of travel and hospitality businesses. Lawyers claim that Mastercard and Visa are exploiting their dominant position in the market through a loophole that allows them to charge up to 1.8pc per transaction on corporate credit cards.”

March 28, 2022

On the web

March 24, 2022

On the wires

March 16, 2022

On the wires

SmartMetric, the Creator of Biometric Credit Cards in USA Sees United States Card Dollar Volume Now Exceeding $8.4 Billion

“SmartMetric, Inc. (OTCQB: SMME): Contrary to past thoughts that mobile phones would replace credit cards the reality is that credit cards remain the most dominant transaction choice.Purchase Volume of Visa, Mastercard, American Express and Discover, consumer business and commercial cards issued in the U.S. generated $8.461 trillion in 2021. This was a staggering increase of 25.1% over 2020.2”

March 14, 2022

On the web

As Visa And Mastercard Ready New Interchange Schedules, Merchants Brace for the Impact

Digital Transactions

“Having held off for the past two years, the country’s two biggest card networks are preparing revisions to their interchange schedules that at least one research firm says will cost U.S. merchants an estimated $475 million in additional transaction fees. Though Visa Inc. and Mastercard Inc. have historically revised their rate schedules each April and October, “this April is particularly significant,” says Callum Godwin, the Atlanta-based chief economist for CMSPI, a United Kingdom-based research firm.”

March 10, 2022

On the web

Curve Lands in the US

Finextra Research

“London-based fintech Curve has launched in the US, offering Americans the option to combine all their debit, credit and loyalty cards into one. Launched in 2018, Curve is now live in 31 markets and has more than three million customers that can not only access all of their cards through one smart card, but also earn personalised cashback and stack rewards, go back in time to move past payments from one card to another, and access leading FX rates without fees.”

March 8, 2022

On the web

Retailer Group Urges Congress to Call Off April Swipe Fee Hike

American Banker

“The Merchants Payments Coalition is launching an advertising campaign urging policymakers to block a change in credit card interchange fees set to take effect next month. The move comes as Visa and Mastercard prepare to implement an increase in network interchange fees for credit and debit cards that was delayed by a year because of the pandemic. The plan calls for increasing the fee on a traditional Visa card for a $100 transaction to $1.99 from $1.90, which the MPC estimates would result in a total $1.2 billion increase in interchange fees paid by merchants and consumers.”

February 24, 2022

On the wires

Future Fintech Subsidiary FTFT UK Limited to Work With Mastercard for Launch of Orbit E-money Platform and New Debit Card

“Future FinTech Group Inc. (NASDAQ: FTFT ) (“hereinafter referred to as “Future FinTech”, “FTFT” or “the Company”), a leading blockchain-based e-commerce business and a fintech service provider, announced today that its subsidiary,  FTFT UK Limited (“FTFT UK”), has entered into an agreement with Mastercard to partner on the impending launch of the FTFT Orbit e-money platform and Orbit Debit Mastercard, issued via FTFT UK’s partners.”

February 17, 2022

On the web

Amazon Accepts Visa Credit Cards in Global Truce Over Fees


“Amazon.com Inc has reached agreement with Visa Inc (V.N) to accept its credit cards across its network, ending a standoff between the two that threatened to disrupt e-commerce payments and deal a blow to the U.S.-based payments processor. Details of the deal were not disclosed but Visa and other payments cards have faced increased pressure about their fees as more shoppers have turned online during the pandemic. The spat had highlighted the growing clout of retailers in the fee battle.”

February 10, 2022

On the wires

February 8, 2022

On the wires

 UnionPay International Taps Fiserv to Further Global Expansion

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today announced the expansion of its relationship with UnionPay International, a wholly owned subsidiary of China UnionPay, one of the world’s largest payment networks. The collaboration will allow UnionPay to grow on a global scale by facilitating the issuance of virtual and physical UnionPay cards across international markets.”

February 7, 2022

On the wires

January 27, 2022

On the web

MoonPay Rolls Out Credit Card Checkout Tool for NFT Purchases

The Block

“MoonPay, the crypto unicorn fuelling NFT mania, is now offering a service that will allow punters to buy digital art and collectibles with cash. MoonPay’s clients — which span big brands to NFT marketplaces — can now use a new checkout tool to give users the option of buying NFTs using debit and credit cards, as well as payments made through Apple Pay, Samsung Pay, Google Pay, SEPA, Faster Payments, wire transfers, open banking payments and ACH transfers.”

January 19, 2022

On the web

On the wires

Chase, Instacart and Mastercard Announce Partnership to Launch Credit Card

“Chase, the largest co-brand card issuer in the U.S., and Instacart, the leading online grocery platform in North America, today announced an expansion of their existing partnership to make Chase the exclusive issuer of Instacart’s first credit card. As a part of this partnership, Mastercard will become the exclusive payments network for the new offering.”

January 18, 2022

On the web

Amazon Halts Plan to Block UK Visa Credit Cards Amid Talks

BBC News

“Amazon has dropped plans to block UK Visa credit card payments this week, as the two sides continue to try to resolve a dispute over payment fees…Neither company has indicated when the talks might conclude. In an email to customers on Monday, Amazon said it was working closely with Visa on “a potential solution that will enable customers to continue using their Visa credit cards on Amazon.co.uk”.”

January 12, 2022

On the web

Merchant Group Prods Fed on Debit Routing Proposal

Payments Dive

“A merchant interest group took the Federal Reserve to task Tuesday for not pressing ahead with a debit routing proposal it made last year and urged a review of other rules governing fees that card networks can charge in processing debit transactions. The Merchants Payments Coalition struck an impatient tone in its press release Tuesday, putting the Fed on notice that merchants and retailers are absorbing what it considers unfair fees while the government deliberates its proposal to bolster requirements calling for competing card networks in routing debit card transactions.”

January 11, 2022

On the web

December 15, 2021

On the wires

Chase Ink to Introduce New Credit Card Designed to Increase Spending Power for Businesses

“Today, Chase announced it will be rolling out the Chase Ink Business Premier credit card, the newest business card to be added to the Chase Ink suite of products. Designed to better meet the spending needs of larger businesses, Chase Ink Business Premier will be the first Pay in Full business credit card with built-in flexibility for greater spend potential and rich rewards to be offered by Chase. This will allow business owners to either pay their balance in full, or use the new Flex for Business feature, which will enable them to have payment flexibility, when they need it so they can run, grow and manage their businesses.”

December 13, 2021

On the web

How U.S.-Russia Tensions Could Hurt Visa, Mastercard

American Banker

“Political tensions between the U.S. and Russia threaten to spill over into the payments world, potentially complicating the already difficult regulatory and competitive environment that American card networks and fintechs face in Russia… The Biden administration is weighing sanctions on Russia amid reports the Russian military has amassed 175,000 troops near the Ukrainian border. The sanctions package reportedly includes disconnecting Russia from the Society for Worldwide Interbank Financial Telecommunications (Swift), a Brussels-based organization that operates one of the world’s largest financial transaction messaging systems. Other potential measures include sanctioning the Russian government-owned VTB Bank and other Russian institutions.”

On the wires

Nuvei and Visa Join Forces to Launch Crypto-Friendly Debit Cards

Nuvei Corporation (Nasdaq: NVEI) (TSX: NVEI), through its subsidiary Simplex, is rolling out branded Visa debit cards to its partners across the European Economic Area and United Kingdom, following a partnership with Visa.  Having already provided crypto-friendly debit cards to blockchain finance ecosystem COTI in recent months, Nuvei via its Simplex brand, continues to make use of its Visa Principal Membership and EMI license to provide partner firms with an easy way to spend crypto anywhere Visa is accepted.”

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