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January 27, 2023

On the wires

Visa, Mastercard Pin Hopes on China Reopening as Travel Boom Fades

Reuters

Mastercard Inc  and Visa Inc will rely on China reopening to give travel spending a boost, Wall Street analysts said, as the pace of growth in other parts of the world eases from a post-pandemic boom. Executives at the payments companies on Thursday pointed to further room for travel recovery in China, which earlier this month reopened its borders after dropping its stringent COVID-19 control measures.

January 24, 2023

On the web

Visa to Power Digital Tipping with eTip Partnership

Business Travel News

Digital tipping platform eTip is partnering with Visa to speed up the process and adoption of its tool, the company announced. The platform enables guests at hotels and other service industry customers to tip housekeepers, bellhops, valet attendants and other staff with their digital wallet or credit card, including corporate cards. Guests can scan a QR code or NFC tag—or some hotels opt to send the tipping information via text—and can provide their payment information, eTip CEO Nicolas Cassis said. With the new Visa collaboration, eTip can use the Visa rails so that the tip payments can go immediately into the employees' digital wallets, he said.

January 20, 2023

On the wires

January 19, 2023

On the web

India May Give Visa and Mastercard Access to Its Payments Market

CTM File

The Reserve Bank of India (RBI) is reportedly drawing up plans to link credit cards issued by Visa and Mastercard to the Unified Payments Interface (UPI), the country's popular online payments protocol. According to news portal The Morning Context, two industry executives have said that the central bank will decide before April. A decision in favour of the two US companies would mark a distinct change in; as Bloomberg comments: “India’s dealings with American card networks has been frosty.

January 5, 2023

On the web

Why the FTC Isolated Mastercard With Its Pre-Christmas Consent Order

Digital Transactions

“When the Federal Trade Commission announced two days before Christmas it had leveled a preliminary consent order against Mastercard Inc. to correct what the agency saw as roadblocks the card company had erected against routing online debit transactions to competing networks, the move may have surprised at least some observers. The surprise lay not in what the FTC had to say, but in what it omitted: the order left out Visa Inc., Mastercard’s main rival and a company the Commission had identified only two months earlier as a fellow actor in blocking debit routing to other networks.”

December 21, 2022

On the web

December 20, 2022

On the web

Visa Dreams Up Plans to Let You Auto-Pay Bills From Your Crypto Wallet

Cointelegraph

“Crypto-users may one day be able to automatically pay their electricity and telephone bills through their self-custodial crypto wallets, according to payments giant Visa. In a Dec. 20 blog post, Visa’s crypto thought leadership team proposed a solution that would allow providers to automatically “pull” funds from users’ Ethereum-powered crypto wallets, without requiring the user to manually sign off on every transaction.”

December 16, 2022

On the web

Visa Launches New Cybersecurity Measures (Thailand)

The Economic Times

“Visa, the global provider of digital payments, has implemented a series of new payment security measures in Thailand to help fight cybercrime, protect the payments ecosystem, and keep consumers and businesses safe. The new security measures are part of Visa’s updated “Security Roadmap for Thailand”, which is designed to provide enhanced protection for transactions made online and at physical retailers, according to Pipavin Sodprasert, country manager for Visa Thailand.”

December 14, 2022

On the web

Visa Pledges to Invest $1 Billion in Africa to Accelerate Digital Transformation

Visa

“During the U.S-Africa Business Forum, Visa announced a pledge to invest $1 billion in Africa over the next five years to advance resilient, innovative, and inclusive economies across the continent. Visa’s expanded investments demonstrate the company’s long-term commitment to Africa’s growth potential and will help enable greater access to digital payments as an entry point for expanding formal financial services for individuals and merchants. Visa Chairman and CEO Alfred F. Kelly, Jr. outlined the pledge during the US-Africa Business Forum, alongside the US-Africa Leaders Summit in Washington, DC. The pledge will further scale Visa’s operations in Africa, and deepen collaboration with strategic partners including governments, financial institutions, mobile network operators, fintechs and merchants. The investments will also focus on strengthening the payment ecosystem through new innovations and technologies, supporting digitization of economies, and investing in upskilling, talent development and capacity building.”

On the wires

Highnote Expands Platform Capabilities by Certifying with Visa’s Fleet Payments Solutions

GlobeNewswire News Room

“Highnote, a modern, fully cloud-native card issuance and program management platform, today announces further expansion of its collaboration with Visa, a world leader in digital payments, which includes certification as a Visa card issuer processor under Visa’s fleet management solutions. Through this collaboration, digital companies focused on serving the fleet management ecosystem can now enhance their product offering by issuing Visa fleet and fuel cards that contain more definite product category level controls, more detailed data, and the ability to obtain data more quickly for real-time business decisions, building a new generation of payment rails for the fleet vertical. The fleet and fuel management sector saw explosive innovation in the years following the height of the pandemic, with venture capital funding for startups in the sector almost doubling between 2020 and 20222. A rapidly growing new generation of innovative fleet-focused software platforms have emerged, solving challenges from managing fleet operations to road-freight marketplaces.”

December 13, 2022

On the web

Visa: ZELF Launches Anonymous Debit Card Eligible for Crypto Top-Up

The Cryptonomist

“Visa is once again involved in launching an anonymous debit card eligible for crypto top-ups, thanks to a project by ZELF, a US-based fintech company. The card currently supports USD Coin (USDC), Tether (USDT) and Ethereum (ETH). ZELF, a US fintech company, has launched its new Visa anonymous debit card that can be topped up with cryptocurrencies.  This is an “anonymous” card, in that users who open a ZELF account only need to provide their name, email and phone number to use it. There is no need to provide any social security number or proof of address like opening a bank account. At the moment, the new Visa debit card supports USD Coin (USDC), Tether (USDT) and Ethereum (ETH), but ZELF said it plans to add support for 20 more tokens by the end of the year. By choosing the Visa circuit, ZELF’s new card will be able to be used at any of Visa’s 80 million payment points worldwide and thus be topped up through crypto or even traditional electronic payments.”

November 29, 2022

On the web

Visa and GoHenry Announce Global Partnership to Accelerate Financial Education for Children and Teens

Visa

“Visa announced a seven-year global partnership with GoHenry, the prepaid card and financial education app for 6-to 18-year-olds. Visa will provide support as the exclusive global network partner for GoHenry’s prepaid cards for kids and teens in the US, UK, and Europe. GoHenry helped expand a new category in youth finance 10 years ago with a simple mission: to make every kid smart with money. Since then, with Visa’s support, GoHenry has helped transform financial education for kids, teens, and their parents. The GoHenry financial education app and prepaid card help young people learn about money through several categories including earning, saving, spending responsibly, and charitable giving. The app also enables parents to guide their child’s progress with features like real-time updates and customizable controls.”

November 17, 2022

On the web

Visa Brings Innovative Payment Experiences to FIFA World Cup Qatar 2022™

Visa

“As the world awaits kick-off of the FIFA World Cup Qatar 2022™, Visa, the Official Payment Technology Partner of FIFA, has readied a payments network that will enable contactless purchases throughout all official venues, including eight stadiums and the FIFA Fan Festival™. With more than one million fans expected to travel to Qatar for the tournament, Visa has installed 5,300 contactless-enabled payment terminals at official FIFA venues, making FIFA World Cup Qatar 2022™ the most payment-enabled FIFA tournament ever. Visa will also trial new payment innovations to give fans easy access to simple and secure digital ways to pay. The FIFA World Cup™ provides a global stage for Visa to showcase and test new technologies, enhance the fan experience and leave a lasting impression on the host country. Visa will bring a number of digital payment solutions to Qatar, including several limited pilots to demonstrate how future Visa payment solutions may come to life: Pay with Your Face; Card Art Gets Animated; Accepting Payments Gets Simpler for SMBs; Tap to Ride Around Doha”

November 16, 2022

On the web

Think You Know How to Spot a Scam? New Visa Report Finds That Even Savvy Consumers Get Tripped Up by the Language of Fraud

Visa

It’s not your imagination. Digital scams are everywhere in our daily lives. And as the holiday season approaches, fraudsters are counting on you to let your guard down and take the bait. Whether in the workplace or on the go, we’re peppered by phone, text and email with offers for “free gifts” and traps to “act now” to supply personal information before a vital service gets cut off. And this barrage of “fraudulese” is working.

A new research report out today from Visa , in partnership with Wakefield Research, “Fraudulese: The Language of Fraud,” brings to light that when it comes to spotting scams, cybercriminals are finding vulnerabilities among even the most tech-savvy consumers. While nearly half of the population are confident they can recognize a scam, 73% are likely to miss the requisite red flags in digital communications.

November 14, 2022

Top Post

Visa Has Terminated Global Debit Card Agreements with FTX

Reuters

“Visa Inc, the world’s largest payments processor, said on Sunday it was severing its global credit card agreements with collapsed crypto exchange FTX. “The situation with FTX is unfortunate and we are monitoring developments closely,” a Visa spokesperson told Reuters. “We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer.” FTX and Visa had announced an expanded partnership in early October, including plans to introduce account-linked Visa debit cards in 40 new countries.”

On the wires

Visa Canada and RBC Announce Collaboration to Expand Flexible Financing Options in Canada with Installment Plans

Cision

“Today, Visa and Royal Bank of Canada (RBC) announced their new collaboration to provide eligible RBC personal credit cardholders with the convenient option of converting a qualifying purchase into smaller, equal payments made over a defined period of time when shopping at participating merchants across Canada – both in-store and online. RBC is the latest issuer to support Installments enabled by Visa following the launch of the solution in Canada last year. Eligible RBC personal Visa credit cardholders can conveniently leverage their existing credit without submitting new loan applications, completing credit checks, or downloading a new app…This announcement responds to a growing consumer demand for more convenient and affordable financing solutions such as installment payments and Buy Now Pay Later (BNPL) options in Canada and globally. BNPL represents a growing portion of the global payments market, accounting for over $1.7 trillion CAD of global payment volume.1 Visa research showed that up to half of all global consumers expressed interest in installment financing offered by their existing credit card issuer.2”

October 28, 2022

On the web

Payments Giant Visa Files Trademarks for Crypto Wallets and the Metaverse

Finbold

“The growth of cryptocurrencies and the metaverse concept has provided traditional finance companies an opportunity to scale their operations and meet consumer demands. In this line, financial services giant Visa is the latest entity to express interest in the metaverse, hoping to offer services in the virtual world.   In particular, the company filed two metaverse trademarks on October 22, with plans to manage digital and cryptocurrency transactions, cryptocurrency wallets, non-fungible tokens (NFTs), and digital currency, among others.”

October 27, 2022

On the web

Visa to Open State-of-the-Art Innovation Center in Kingdom of Saudi Arabia

zawya

“Visa, the world’s leader in digital payments, today announced plans to open a state-of-the art Innovation Center in Riyadh, Saudi Arabia at the Future Investment Initiative. The facility, that will be operational by the end of 2023, is being built with the vision of becoming the Kingdom’s innovation hub for next-generation payment solutions and experiences. It will be the latest addition to Visa’s expanding global innovation network…The new creative space will feature virtual reality, biometrics and Internet-of-Things applications and will be staffed by Visa innovation and technology experts. The Center will include a specialist focus on developing innovations for governments, financial institutions, fintechs and businesses, that will span areas including data, loyalty, disbursements, remittances, business-to-business payments and more.”

Visa and Brankas Go Live with Global Partners, Unveiling New Open Finance Products

TechNode Global

“Brankas, a leading Open Finance technology provider, has today announced that it has gone live with Visa to unveil a new Open Finance solution to increase financial inclusion across Southeast Asia, citing TrustDecision (Tongdun) and IziData as two of the pilot customers already using the joint solutions. Brankas has successfully integrated Visa Cardholder Transaction Score (VCTS) and Visa’s broad range of payment rails into its core solutions to deliver new out-of-the-box credit decisioning and payment products. Appointed by Visa as the first partner regionally to provide live access to its Open Data products, Brankas will enable financial institutions to utilize the transaction data available today to immediately improve their solution offerings.”

October 26, 2022

On the web

Blockchain.com Visa Card, Powered by Marqeta, Debuts with 50,000 Sign-Ups at Launch

PR Newswire

Today Blockchain.com, one of the world’s most trusted and popular platforms to buy, sell, and trade crypto, announced the debut of its highly anticipated Blockchain.com Visa® Card, with 50,000 waitlist sign-ups already at launch. Initially available to US residents, users can spend their crypto or cash within their Blockchain.com Wallet without fees and earn 1% back in crypto anywhere Visa debit cards are accepted. The Blockchain.com Visa Card will let users spend from a crypto balance fee-free and offer the opportunity to earn crypto rewards. Leveraging Visa’s payments network and Marqeta’s modern card issuing platform, the Blockchain.com Visa Card also offers no sign-up, card issuance, or annual fees.

October 24, 2022

On the web

Visa And Mastercard Need Solid Layer-2 Infrastructure To Process Payments In The Metaverse

Cryptonews

“The future of Visa and Mastercard may reside in the Metaverse. Both payment processing giants have made inroads in the virtual world, even though they may not use Ethereum for a broader rollout. In addition, other scalable networks provide viable opportunities to process payments for the Metaverse.  Everyone is paying attention to Web3 and where that technology will lead us. Some expect a big virtual world that breaks down the barrier between digital and real-world life. Others see it more as an entertainment space where they can hang out. Regardless of the vision, there will be a need to process payments. Moreover, not all payments need to be in cryptocurrency, either. Both Visa and Mastercard acknowledge the underlying potential of the Metaverse. Although these companies combine for over $17 trillion in payment volumes, there is always room for future growth. Exploring opportunities in the virtual world is the next major frontier for both providers.  Mastercard has already made inroads in the Metaverse with its Pride Plaza teleporter. It is established in Decentraland through a partnership with Decentral Games. Such an advertising partnership brings much attention to the brand being onboard and Decentral Games and how they tackle Metaverse growth. Additionally, all advertising revenue from this deal is used to buy back $ICE tokens and take them out of circulation.  Visa has taken a slightly different route. The company is cautiously exploring cryptocurrencies through its partnership with Crypto.com, one of the biggest household names in the cryptocurrency segment. Making it easier for consumers to use and spend cryptocurrencies is critical. More importantly, these cards work through existing payment rails while adding utility to the crypto industry.”

October 19, 2022

On the web

Visa and Thunes Expand Visa Direct’s Reach to 1.5 Billion Digital Wallets

Visa

“Visa is partnering with Thunes to help individuals and small businesses move money internationally to 78 digital wallet providers, reaching 1.5 billion digital wallets across 44 countries and territories. This partnership will now expand Visa Direct’s reach to nearly 7 billion endpoints, including more than 3 billion cards, over 2 billion accounts and 1.5 billion digital wallets. For the unbanked individuals in emerging markets, digital wallets are gaining traction as an empowering first entry point to the financial system. Consumers are not required to have a card or account to load or receive funds directly to their digital wallet, opening the potential for greater financial inclusion and enabling underserved populations opportunities to access financial products that meaningfully impact how they live and work.”

October 18, 2022

On the web

New Visa Collaborations Meet Growing Canadian Demand for Installments

Newswire

“Today, Visa has announced new collaborations across the payment ecosystem, to bring Installments enabled by Visa to more eligible credit cardholders. With Installments enabled by Visa, consumers have the option to convert qualifying purchases into smaller, predictable installment payments made over a defined period using an eligible credit card. In the coming months, consumers can soon choose Installments enabled by Visa at some of Canada’s largest retailers including Simons, Canada Computers, Soft Moc, and Trévi.”

October 17, 2022

On the web

Visa, Mastercard Under Fresh FTC Investigation Over Debit Card Routing – WSJ

Reuters

“The U.S. Federal Trade Commission is investigating whether Visa Inc and Mastercard Inc’s security tokens restrict debit card routing competition on online payments, the Wall Street Journal reported on Monday, citing people familiar with the matter. The credit card giants are already being probed by the Commission for allegedly blocking merchants from routing payments over other debit card networks, the report said.  The FTC has expanded its focus in recent months to examine whether the companies’ security technology, which replaces sensitive account information with a unique digital identifier called a token, further stifles processing debit card transactions on rival networks, the report said.”

October 13, 2022

On the web

Visa Program Unlocks New Opportunities in the Creator Economy

Visa

“Creators are driving a revolution in digital commerce and culture – producing content that entertains, engages, and educates online communities in powerful new ways. To serve this growing category of small business, Visa (NYSE: V) today announced the launch of the Visa Ready Creator Commerce program. The global initiative will help creator-centric platforms, such as social-commerce and video gaming companies, embed financial tools – like faster and more flexible payouts through Visa Direct and tipping and donations…The creator economy is one of the fastest-growing categories of small business, with more than 50 million artists, musicians and creators publishing content as a full- or part-time source of income. Social commerce, which includes creator-driven work, is expected to reach $1.2 trillion by 2025.”

October 12, 2022

On the web

JPMorgan and Visa Team on Cross-Border Blockchain Payments

Cointelegraph

“Traditional finance and payment giants JPMorgan and Visa are teaming up to streamline the use of their private blockchain solutions Liink and B2B Connect to facilitate cross-border payments. According to an Oct. 11 report from Forbes, JPMorgan’s Liink is a network specifically designed for cross-border transfers and is offered under the bank’s blockchain and payments initiative Onyx. Onyx provides a platform for institutions to share financial information and validate transactions. Visa’s B2B Connect is a similar network to Liink that was built for institutional grade use and has now been integrated with Onxy’s Confirm.”

October 7, 2022

On the web

Visa Partners with FTX in a Bet that Shoppers Still Want to Spend Cryptocurrencies in a Bear Market

CNBC

“Visa is betting that crypto investors still want to spend their digital currencies, even as prices plummet this year. The payments giant is teaming up with global exchange FTX to offer debit cards in 40 countries with a focus on Latin America, Asia and Europe. The cards, which are already available in the U.S., will link directly to a user’s FTX cryptocurrency investing account. The move allows customers to spend digital currencies without moving those off an exchange, “like you would with any bank account,” according to Visa’s CFO.”

October 6, 2022

On the web

New Visa Reports Underscore Importance of Cybersecurity Amid Shifting Threats

Visa

“Visa Inc., the world leader in digital payments, today shared an updated look at how fraud has evolved since the height of the pandemic, with criminals simultaneously targeting online and offline vulnerabilities as our daily lives return to a blend of in-person and e-commerce experiences. “As in-person commerce returns to pre-pandemic levels, crooks are back to exploiting the physical points of vulnerability in stores, while continuing to capitalize on e-commerce through malware, ransomware and phishing attacks, among others,” said Paul D. Fabara, Chief Risk Officer at Visa. “In fact, we are continuing to see high rates of skimming, growing over the already elevated levels of the winter of 2021, where fraudsters are jumping on the rise of in-person activity.” Two new pieces of research – the latest Visa Biannual Threats Report and an MIT Technology Review Insights study “Moving Money in a Digital World,” released today in partnership with Visa – highlight new and returning threats to the post-pandemic economy.”

Visa ‘Stands to Lose the Most’ From Fed’s New Debit-Card Rules, analyst Says

MarketWatch

“Newly solidified Federal Reserve guidelines on debit-card routing could have some impact on the financial performance of payment-technology companies, but the latest rules weren’t as onerous for the card companies as they could have been, according to analysts. The Federal Reserve put out an update late Monday saying that debit-card issuers such as Visa Inc. will have to enable at least two payment-card networks for debit-card processing, including for online and other “card-not-present” transactions. The rules are “substantially similar” to a proposal from last year, the Fed announced. Monday’s update noted that the final deadline for implementation will be July 1, 2023.”

September 27, 2022

On the web

Car IQ Joins Visa’s Fintech Fast Track Program

PR Newswire

“Car IQ®, an innovative provider of vehicle payment solutions, today announced it has joined Visa’s Fintech Fast Track program, speeding up the process of integrating with Visa, a world leader in digital payments. As a Fintech Fast Track partner, Car IQ can more easily leverage the reach, capabilities, and security that VisaNet, the company’s global payment network, offers.   This new offering will give Car IQ the ability to extend the reach of its payment solution that provides fleet customers an easier, more secure way to pay for fuel, parking, and more. Car IQ Pay’s proprietary technology simplifies the payment process by allowing any vehicle to connect directly to a merchant and pay for services without using a credit card. Car IQ validates the vehicle when it arrives at a fueling location, approves the source of funds and turns on the pump. Once fueling is complete, Car IQ Pay enables the vehicle to pay for the fuel and verify the fuel was received. Car IQ’s fleet customers will be able to add their vehicles to their bank accounts, to pay for fuel, EV charging, tolling, parking, insurance and more while merchants and vendors will be able to accept payments from Car IQ Pay. Car IQ’s new identity verification technology ensures the vehicle can be trusted to transact and enforces specific fleet restrictions to mitigate fraud.”