Page 2 - Mastercard

EU council adopts euro instant payments rules to take on Visa, Mastercard

The Council added that the new rule would factor in countries outside of the euro-zone economic bloc

'Capital One-Discover deal could hurt Visa, Mastercard dominance'

The all-stock deal would give Capital One access to Discover's network of payments processing and settlement services, potentially allowing it to cut its reliance on Visa and Mastercard

Visa, Mastercard top executives meet RBI officials after BPSP biz hit

Banking regulator issue directions to card networks, fintechs to put on hold all commercial card-based transactions made by firms

Mastercard profit beats Wall Street estimates on healthy spending trends

The report capped a robust year for the company as hopes of a "soft landing" for the economy and bets of interest rate cuts by the U.S. Federal Reserve encouraged big-ticket purchases and more travel

Mastercard's expense forecast eclipses fourth-quarter profit beat

The forecast follows a 10% jump in fourth-quarter adjusted operating expenses to $2.9 billion, largely due to personnel costs

Mastercard forecasts weaker revenue growth on economic slowdown fears

"This was a disappointing quarter, in our view, as guidance fell just short of likely elevated expectations," Edward Jones analyst Logan Purk said

Customers can now choose from multiple card networks from October 1

As per the notification, the card issuers must issue cards across more than one network and give their customers the option to choose from them

Depositors' trust is with banks, not fintech cos: Mastercard India chief

Chairman of Mastercard India Rajnish Kumar on Thursday said that the trust of the depositors is with the banking system and not with fintech companies. Speaking at the CII banking conclave here, Kumar, also the former chairman of the State Bank of India (SBI), said that what the fintech companies are challenging is the legacy system in an innovative way. "Banks are now conscious about innovative capabilities and changing fast with the times", he said. Because of the legacy system, the challenges for the banks are much more. "Leadership has a big role to play. Most of the public sector banks are actively adopting technology", he said. Implementation of the core banking system (CBS) was a humongous task, but the legacy banks did it, he said. Core banking has now changed and paved the way for app-based banking, Kumar added.

MasterCard appoints former SBI chief Rajnish Kumar as chairman

Veteran banker will have non-executive advisory role and guide Mastercard's South Asia executive leadership team

Paytm launches $12 'soundbox' that accepts card payments across networks

Indian fintech firm Paytm on Monday launched a 'soundbox' device that lets merchants accept both mobile and card payments across networks including Visa, Mastercard, American Express

Visa, Mastercard plan to add new card fees for retailers in coming months

With the increases, merchants could pay more than $500 million in additional fees each year, according to merchant-consulting company CMSPI

Companies using GenAI should follow self-regulation, says Mastercard CEO

Mastercard CEO Michael Miebach on Friday said Generative Artificial Intelligence (GenAI) offers 'tremendous opportunities' and companies should follow self-regulation to unlock its potential. Miebach also suggested that companies using GenAI should follow four key principles -- transparency, privacy and security, accountability and integrity -- before a full fledged regulation comes in for the sector. When there were concerns of data security and privacy, digital finance companies had adopted a self-regulation model, he said. Mastercard very simply said you are a customer, you control your data, you benefit from your data and it's the industry's job to keep it safe. Can we do the same thing with AI. As an industry can (we do) a self regulation and that (can) lead into regulatory frameworks. Absolutely we can, said the CEO of the US-based payments technology major. As a company that deals in trust, and safety and security, our focus in AI has always been to make payment transactio

UAE govt collaborates with Mastercard to accelerate adoption of AI

UAE's AI, Digital Economy and Remote Work Applications Office, and Mastercard today signed a Memorandum of Understanding (MoU) to increase AI capabilities and readiness in the region

Mastercard, Binance to end crypto card partnership from September 22

The Binance cards allow users to make payments in traditional currencies, funded by their cryptocurrency holdings on the exchange

World Cup: BCCI confirms BookMyShow as official ticketing platform

Earlier in the day, ICC had announced the schedule of the warm-up matches. Tickets for all 58 matches will be up for sale on BookMyShow with exclusive benefits to Mastercard holders

Swiggy enters credit card space, launches co-branded product with HDFC Bank

Card will operate on Mastercard's payment network; rollout in phases on Swiggy app overnext 7-10 days

Prez Biden appoints Indian-American biz leader to serve on Export Council

US President Joe Biden has announced his intent to appoint Shamina Singh, a prominent Indian-American business leader, to the President's Export Council, which serves as the principal national advisory committee on international trade. Singh, who is the Founder and President of the Mastercard Center for Inclusive Growth, has said that she is "honoured to join the group of esteemed leaders that make up the President's Export Council. According to a statement from the White House, on July 14, President Biden announced his intent to appoint Singh to serve in the key role. I am deeply honoured to join the group of esteemed leaders that make up the President's Export Council, Singh said. The President's Export Council serves as the principal national advisory committee on international trade. The Council advises the president of government policies and programmes that affect US trade performance, promotes export expansion and provides a forum for discussing and resolving trade-related .

Travel credit card launched by IDFC FIRST Bank, Club Vistara, & Mastercard

The card will offer Club Vistara points, lounge benefits, annual rewards, golf benefits, and cover for cancelled flight and hotel bookings

Visa to Rupay: From October 1, you can port your credit, debit cards too

Currently, when you apply for a debit or credit card, you usually don't get to choose the network provider as it is decided by the card issuer.

Nine British banks sign up to Mastercard's new AI tool for tackling scams

Nine of the UK's biggest banks, including Lloyds Banking Group Plc, Natwest Group Plc and Bank of Scotland Plc, have signed up to use the Consumer Fraud Risk system, Mastercard