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September 27, 2022

On the web

Visa and Square Deliver Faster Transfers to Canadian Businesses


“Visa, one of the world’s leaders in digital payments, has announced its participation in the Canadian expansion of instant transfers, Square’s solution for rapid merchant settlement. Square’s instant transfers are enabled by Visa Direct, a VisaNet processing capability helping transform global money movement and enables real-time2 funds delivery directly to financial accounts using eligible card credentials.” Square’s instant transfers allow businesses to access their funds quicker than the next business day, typically the current default setting for Canadian businesses. With instant transfers, Square merchants can link an eligible debit card and start transferring funds instantly to an external bank account with the click of a button.”

September 12, 2022

On the web

Visa, Mastercard, AmEx to Start Categorizing Gun Shop Sales


Payment processor Visa Inc. said Saturday that it plans to start separately categorizing sales at gun shops, a major win for gun control advocates who say it will help better track suspicious surges of gun sales that could be a prelude to a mass shooting.

But the decision by Visa, the world’s largest payment processor, will likely provoke the ire of gun rights advocates and gun lobbyists, who have argued that categorizing gun sales would unfairly flag an industry when most sales do not lead to mass shootings. It joins Mastercard and American Express, which also said they plan to move forward with categorizing gun shop sales.

August 26, 2022

On the web

New Payment Service Using Same Tech As Zelle And Venmo Will Cut Out Visa And Mastercard Fees


“For decades, retailers have protested the fees Visa and Mastercard charge them to accept credit and debit cards. “Pay by bank” is the latest effort to circumvent those fees by letting people pay directly from their bank accounts. Financial services consulting firm Sionic has partnered with MX, a company that connects fintechs to users’ bank accounts, and Google Cloud Services to launch pay by bank in the United States. The product lets merchants cut out card acceptance fees, which range from 1% to 3%. Its success in the U.S. depends on whether merchants can incentivize consumers to switch from heavily utilized credit or debit cards…Customers use Sionic’s pay-by-bank option, called ULink, by scanning a QR code at checkout. The option could also appear to consumers as a button within their mobile banking apps. For security, the technology “tokenizes” user account information. “The merchant never sees the account number for the individual that’s paying because they didn’t present a debit card, they presented a token to the merchant,” says Elizabeth McQuerry, a partner at payments consulting and research firm Glenbrook Partners.”

August 24, 2022

On the web

Visa Tokens Surpass Physical Visa Cards in Circulation


“Visa today announced that the company has now issued more than 4 billion network tokens worldwide through Visa Token Service (VTS), marking a major milestone in its proprietary offering to help secure digital payments and further accelerate ecommerce innovation and acceptance. This historic milestone, which nearly doubled Visa’s token count in one year, surpasses the number of physical Visa cards in circulation worldwide. This milestone underscores the powerful security that tokens provide to merchants, issuers and consumers alike.”

Visa And Mastercard: Threats To Duopoly

Seeking Alpha

“Visa and Mastercard are the definition of high margin duopolies. The two companies have dominant positions in global cashless payments, with Visa commanding a 39% market share of transaction volumes and Mastercard having a 24% (Figure 1). Although UnionPay is listed as having 34% market share, most of that are transactions within China…The shift to a cashless society has benefited the two firms greatly, particularly in the last few years due to rise of online shopping and the COVID-19 pandemic. According to the Economist article, the use of credit and debit cards in transactions reached 57% in 2021, up 12 pts from 45% in 2016.”

August 18, 2022

On the web

Can the Visa-Mastercard Duopoly Be Broken?

Yahoo Finance

“America is home to the heftiest interchange fees of any major economy—costs are an order of magnitude greater than in Europe and China. That largely benefits two firms: Visa and Mastercard, which facilitate more than three-quarters of the country’s credit-card transactions. Doing so has made them two of the most profitable companies in the world, with net margins last year of 51% and 46% respectively. Rank every firm (excluding real-estate-investment trusts) in the s&p 500 index by their average net-profit margins last year, five years ago and a decade ago, and only four appear in the top 20 every time. Two are financial-information firms, Intercontinental Exchange and the cme Group. The others are Mastercard and Visa.”

August 12, 2022

On the web

Visa Direct Preferred Partner Program is Now Globally Live

IBS Intelligence

“Visa recently launched the Visa Direct Preferred Partner program, a global program designed to help partners of Visa’s real-time money movement network accelerate time to market. Through the program, Visa Direct Preferred Partners can access the tools and resources they need to help launch, sell, and grow their real-time payment solutions. The program is currently live in North America, Europe, Asia Pacific, and Latin America, with Central Europe, the Middle East, and Africa expected to follow in the coming months. It supports 25+ partners, including Checkout.com, Commerce for Business, Carat from Fiserv, Moneris, TabaPay, and YellowPepper, A Visa Solution, among others.”

August 5, 2022

On the web

Gopuff Launches Instant Cash Out for U.S. Delivery Partners, Continues To Invest in Delivery Partner Experience


“Gopuff, the go-to platform for immediate delivery of consumers’ everyday needs, is now providing its U.S. delivery partners with the ability to instantly cash out their earnings balance at any time with just a few clicks. Gopuff is one of the first instant commerce businesses to offer an instant pay option for delivery partners, bringing them an even more flexible, convenient, and quick way to receive their earnings and tips. Gopuff is partnering with Stripe, a financial infrastructure platform for business, and partners like Visa Direct, Visa’s real-time money movement network, to offer partners with an eligible debit card the option to cash out quicker.”

July 15, 2022

On the web

Visa and Mastercard Price Hike as Brits Face New EU Shopping Fees

Braintree and Witham Times

“Millions of Visa or Mastercard users have been issued a warning over new charges. British customers face new EU shopping fees after firms have increased so-called interchange fees for online credit and debit cards for UK to EU transactions. Fess have been increased from 0.2% to 1.15%for debit cards and from 0.3% to 1.5% for credit card transactions. The Treasury Select Committee addressed the issue on Thursday as MPs have written to Visa and Mastercard to find out why the price hikes have been introduced.”

July 14, 2022

On the web

UK Lawmakers Tell Visa and Mastercard to Justify Fee Rises


“A committee in Britain’s parliament has told payment firms Visa and Mastercard to justify recent rises in their card transaction fees after the country’s payments regulator expressed concerns. The Payment Systems Regulator (PSR) told the Treasury Committee last week that the increases in card fees showed the market was “not working well”, according to correspondence published by the committee on Thursday.”

Crypto Coming to Your Credit Card … Soon


“Cryptocurrencies are a volatile investment today, but card companies including Visa Inc. and Mastercard Inc. are betting crypto will one day be used routinely for everyday purchases from food to clothes to plane tickets—and they don’t want to be left behind when that happens. Consumers now can make payments with cryptocurrencies linked to Visa and Mastercard cards provided mainly by fintech companies, but it’s a niche market. And transactions generally depend on third parties converting the crypto to local currencies. Visa and Mastercard—the largest card networks in the U.S.—say they are working on ways to handle the mechanics of crypto payments themselves. These efforts, if they succeed, would mark a major turning point—the first time that the decades-old networks would enable settling payments in assets beyond what most consider mainstream currencies.”

July 13, 2022

On the web

Visa: More Commuters on Board with Contactless Ways to Pay


“In cities across the globe, people are venturing out again after a more than two-year hiatus. Public transit has always been a vital part of how people get to work or school, run errands, and travel to leisure activities. But the pandemic has pushed many riders to challenge the status quo when it comes to how they pay their fares. The speed, security, and ease of digital payments have helped shift global consumers’ payment preferences. Visa’s second Future of Urban Mobility Survey found that 91 percent of those surveyed either strongly or somewhat expect contactless payment options to be available on public transit. Nearly half (45 percent) of respondents prefer to pay for transit using contactless payments.1”

June 21, 2022

On the web

Tackling Visa and Mastercard Fees Could Take Years, Says UK Regulator


“It could be years before card fees from global payments duo Mastercard and Visa can be capped again to cut costs for retailers and consumers, Britain’s payments regulator told lawmakers on Wednesday. Chris Hemsley, managing director of the Payment Systems Regulator, came under heavy pressure from parliament’s Treasury Select Committee to tackle card fees faster. So-called interchange fees levied by Mastercard (MA.N) and Visa (V.N) on retailers for consumer purchases from the European Union rose in 2021 after an EU cap ceased to apply in Britain following its departure from the bloc.”

June 20, 2022

On the web

Visa Adjusts Its Chargeback Rules to Help Stem a Rising Tide of Friendly Fraud

Digital Transactions

“When it comes to payment card fraud, criminals trying to bilk the system with stolen card credentials is what typically comes to mind. But with e-commerce sales soaring during the pandemic, another form of fraud has been gaining momentum. This is so-called friendly fraud, in which a consumer disputes a valid purchase, such as a long-forgotten recurring subscription, or claims an item wasn’t delivered or that they simply don’t remember making the purchase. Friendly fraud has become so problematic, it can account for up to 75% of all chargebacks, according to Visa Inc. As with all disputed card transactions, which include items purchased with stolen card credentials, the merchant must provide proof the transaction was legitimate to avoid a chargeback. To help merchants tame the growing problem of friendly fraud,Visa late Thursday announced it is altering its chargeback rules to allow merchants to provide additional information to prove a disputed purchase is legitimate.  The change, which will go into effect April 15, 2023, will allow merchants to prove the validity of a transaction by providing such information as examples of the customer previously using the same payment credential at their store, a customer’s login credentials, and proof the customer has used the product. The changes were developed in partnership with clients, the Merchant Risk Council, and the Merchant Advisory Group.”

June 16, 2022

On the web

Visa Rolls Out Multiple ‘Bitcoin Cashback’ Cards with Partners in Brazil, Argentina

Crypto News

“The payments giant Visa has launched its first crypto cards in the Latin America region – and will debut its new products in Brazil and Argentina via a number of new partner firms. Per the media outlet Expansión, Visa has “announced an alliance” with various fintech companies and IT startups in Brazil and Argentina that will let “users make transactions” with Visa cards – and receive crypto cashbacks every time they spend…The incentive follows hot on the heels of earlier, similar crypto-related activity in the region from Visa. Late last year, the company teamed up with the Argentinian crypto exchange Lemon Cash to launch a Visa card that offers customers a 2% bitcoin (BTC) cashback when they use the card to make payments.”

June 14, 2022

On the web

Grubhub Teams Up with PayPal & Visa to Offer Drivers Faster & Easier Access to Payments

PR Newswire

“Grubhub, a leading food ordering and delivery marketplace, today announced the launch of Instant Cashout via Direct to Debit, which drivers can use to immediately access their earnings. The new payout option, enabled by Hyperwallet from Paypal and Visa Direct1 – Visa’s real-time2 money movement network – offers more flexible access to earnings by allowing any driver with an eligible bank debit card to deposit their accrued earnings to their eligible debit or prepaid card. Direct to Debit is powered by Hyperwallet, a payout management platform managed by PayPal, which in turn uses Visa Direct to deposit those payments to bank debit cards.”

June 13, 2022

On the web

Scrypt Joins Visa’s Fintech Fast Track Program To Continue Delivering Innovation in Payments

PR Web

“Scrypt, the next level payables automation provider, today announced that it has joined Visa’s Fintech Fast Track program, speeding up the process of integrating with Visa, a world leader in digital payments. The partnership allows Scrypt to more easily leverage the reach, capabilities, and security that VisaNet, the company’s global payment network, offers. Through Fast Track, Scrypt is now able to accelerate the process of bringing next level payment automation to the market by leveraging the reach, capabilities, and security of Visa’s global payment network. The core technology behind Scrypt’s accounting platform is based on a data operations platform developed at MIT for the US Department of Defense. Scrypt integrates data processing and decision support technology, powered by AI and machine learning, and uses (big) data to learn over time. In this way, Scrypt is able to mimic human behavior during complex tasks and perform adaptive decisions to optimize the flow of payables, receivables and payments.”

Finerio Connect, Ozone API and Visa Collaborate to Facilitate Open Banking in Latin America & the Caribbean

Ozone API

“Finerio Connect, a Mexican FinTech, together with Ozone API and Visa, announce their collaboration to support financial institutions in Latin America & the Caribbean to navigate open banking. Collectively, the three companies will offer an end-to-end set of tools and capabilities enabling rapid implementations – according to market readiness and compliance requirements… Finerio Connect was the first company in Latin America to develop open banking solutions and is the leader in providing open banking infrastructure in the region. It offers account aggregation, data handling and a Personal Finance Manager (PFM) app to more than 75 companies in Latin America.”

May 31, 2022

On the web

Visa Partners with Fundbox to Enable New Payment Capabilities for Small Businesses


“Visa, announced today that it is partnering with Fundbox, an embedded working capital platform for small businesses, to strengthen Fundbox’s platform with the power of digital payments. The first step in this collaboration is the launch of the Fundbox Flex Visa Debit Card, issued by Pathward, N.A., which helps small business customers better manage their cash outflows. In addition to the Fundbox Flex Card, Fundbox and Visa will work together in the coming months in an effort to introduce a series of new payment products, including a Buy Now, Pay Later (BNPL) solution for small businesses looking for flexible payment options when making purchases, and a push-to-card transfer option for instant fund disbursement through Visa Direct1, Visa’s real-time2 money movement network.”

May 20, 2022

On the web

Visa to Offer Rewards for EV Charging on JustCharge’s Network in New Partnership


“Visa has teamed up with community electric vehicle (EV) charging service JustCharge with the intention of simplify payments and boosting uptake. Visa customers using JustCharge will receive rewards when they pay using their debt or credit card as part of the new partnership, which the companies said makes paying for EV charging “as easy and natural” as any other contactless purchase.”

May 10, 2022

On the wires

Peach Selected as Visa Ready for BNPL Launch Partner

Business Wire

“Peach Finance, a modern and configurable lending technology platform that helps lenders build, launch and scale new lending products, today announced that it has been selected as a launch partner for the Visa Ready for BNPL Program. As part of the program, Peach will help Visa clients power BNPL programs. Peach’s platform is designed to help lenders launch and scale modern lending products. Peach provides a loan management system, an integrated suite of servicing tools and Compliance Guard™, a proprietary compliance monitoring system.”

May 5, 2022

On the web

Alacriti Announced Push-to-Card Solution that Enables Businesses to Disburse Funds Directly to their Eligible Debit Cards—in Real Time—Enabled by Visa Direct, Visa’s Real-Time Money Movement Network.


“Alacriti, a fintech company specializing in payments and money movement, today announced its new, fast push-to-card solution that enables businesses to disburse funds directly to their eligible debit cards—in real time—enabled by Visa Direct, Visa’s real-time money movement network. Orbipay Push-to-Card enables businesses to deliver faster payout experiences and helps drive customer satisfaction. Consumers don’t need to remember or share their bank account information, and funds can be sent to their most-used eligible card. It’s convenient and quick, and supports the growing consumer demand for faster access to their money. Orbipay Push-to-Card is a part of Orbipay Unified Money Movement Services, a cloud-based platform that enables businesses to quickly and seamlessly deliver modern, intuitive digital payments and money movement experiences.”

May 3, 2022

On the web

Paysafe Extends Collaboration with Visa to Offer Real-Time Customer Payouts

Seeking Alpha

“Paysafe announced the extension of its collaboration with Visa to integrate Visa Direct, Visa’s real-time push payments platform.  Paysafe will offer Visa Direct to merchants, exchanges, operators and other online businesses in the UK and Europe in industries like Paysafe will offer Visa Direct to merchants, exchanges, operators and other online businesses in the UK and Europe.  The new integration enables merchants to access the Visa Direct service through Paysafe’s single point of connection, to enable push payments to eligible Visa cards for domestic payouts, and to eligible Visa cards and accounts for cross-border payments.”

April 11, 2022

On the web

Visa Expects to Make Up Lost Russia Revenue Within a Year

Wall Street Journal

Visa Inc. has lost about 4% of the revenue booked during its most recent fiscal year by pulling out of Russia, but the impact is unlikely to be noticeable within a year thanks to the company’s global sales growth, its finance chief said. The San Francisco-based payments giant’s exit from Russia due to its invasion of Ukraine will make it difficult to compare this year’s revenue with last year’s, Chief Financial Officer Vasant Prabhu said this week. “For the next couple of quarters, the comparisons will be tough,” he said. “In the short run, it’s lost.””

March 4, 2022

On the web

Visa to Cut Consumer Credit Fees for U.S. Small Businesses by 10% – Document


“Visa Inc (V.N) will lower consumer credit interchange rates for small businesses in the United States by 10%, effective next month, to help merchants recovering from the COVID-19 pandemic, according to a document seen by Reuters on Thursday. Visa, the world’s largest payment processor, is reducing interchange rates for both online and in-person consumer credit transactions for 90% of U.S. businesses, the document showed.”

February 23, 2022

On the wires

Visa Launches Program to Help Minority Depository Institutions Drive Economic Mobility

“Visa (NYSE: V), a leading global payments technology company, announced today the launch of Visa Minority Depository Institutions Accelerate, a new program to help reduce economic disparities and expand access and opportunity in communities of color across the United States. Through this multi-year program, Visa will invest up to $100 million via deposits with MDIs to help them catalyze lending.”

February 7, 2022

On the web

Visa Denied Appeal In UK Tribunal Loss Over Card Swipe Fees


“Visa has failed to persuade a British tribunal to reconsider its decision last fall that the card issuer’s swipe fees charged to merchants amount to a concerted practice under European and national competition law. The credit card giant had asked the Competition Appeal Tribunal to allow it to amend an earlier defense against the claims that Visa and Mastercard overcharged merchants for processing card purchases.”

January 25, 2022

On the wires

Pagaya and Visa Announce Strategic Relationship to Enable Visa’s Merchant and Issuing Bank Partners to Expand Access to Credit

Pagaya , a global technology company building artificial intelligence infrastructure for the financial ecosystem, and Visa, a world leader in digital payments, facilitating more than 160 billion payments transactions worldwide, announced a strategic relationship that will enable Visa’s expansive network of merchant partners and issuing co-brand financial institutions to leverage Pagaya’s technology to expand customers’ access to financial products.”

December 20, 2021

On the web

How a Financial Giant Is Quietly—and Dramatically—Reinventing Itself

Fast Company

“Visa is a company built on economic inclusion. Think debit cards, which Visa debuted in 1975. They provide easy payment access to individuals who don’t have access to credit. And for most of its 60-year-plus history, Visa has been synonymous with cards. However, in recent years the world has seen the company quietly—and dramatically—reinvent itself.”

December 8, 2021

On the wires

Visa Introduces Crypto Advisory Services to Help Partners Navigate a New Era of Money Movement

“Visa (NYSE: V), the world’s leader in digital payments, today announced the launch of Visa’s Global Crypto Advisory Practice, an offering within Visa Consulting & Analytics (VCA) designed to help clients and partners advance their own crypto journey. This comes at a moment when digital currencies are taking greater hold in the popular consciousness – according to research released today from Visa, awareness of crypto among financial decision makers surveyed is near universal at 94% around the world. For financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into NFTs, or central banks exploring digital currencies, understanding the crypto ecosystem is a vital first step. Through their work with more than 60 crypto platforms, Visa’s global network of consultants and product experts have deep expertise to help financial institutions evaluate the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations like crypto rewards programs and CBDC-integrated consumer wallets.”