Page 4 - Mastercard

Players ready for migration as card-on-file tokenisation deadline nears

Tokenisation is the replacement of an actual or clear card number with an alternative code called the "token"

American Express India appoints Sanjay Khanna as chief executive officer

In his new role, Sanjay Khanna will be leading several business development initiatives for American Express, while steering collaboration across its diverse businesses in India

Pension funds pressure credit card companies to categorise gun sales

Payment processor Visa Inc said it plans to start separately categorizing sales at gun shops. It's 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 gun rights advocates have argued that step would unfairly segregate legal gun sales when most sales do not lead to mass shootings. Visa late Saturday said it would adopt the International Organization for Standardization's new merchant code for gun sales, which was announced on Friday. Until Friday, gun store sales were considered general merchandise. Visa's adoption is significant as the largest payment network, and will likely add pressure for Mastercard and American Express to adopt the code as well. Gun control advocates had gotten significant wins on this front in recent weeks. New York City officials and pension funds had pressured the ISO and banks to adopt this code. Two of the country's largest public pension funds, in Califor

Mastercard acquires BCCI title sponsorship rights for all home matches

Mastercard endeavours to enhance its strong international base of sponsorship assets across passion points with uniquely Indian ones

Mastercard warns of inflation pinch after solid quarter for card issuers

Consumers across the globe have been showing signs of cracking in face of decades-high price pressures, with purchases at retailers including Walmart shifting away from big-ticket items to essentials

Mastercard Q2 profit jumps to $2.3 bn on rebound in cross-border spending

Mastercard Inc sailed past market estimates for quarterly profit on Thursday as a surge in cross-border spending sparked by this year's travel boom more than offset higher costs.

Mastercard enables 200,000 merchants for card-on-file tokenisation

Mastercard said it worked with 45,000 merchants, 34 issuing banks, 10 acquiring banks, and 30-plus token requestors (including all major payment aggregators) to create 90 million tokens

Pine Labs acquiring fintech infrastructure start-up Setu for $70-75 mn

Pine Labs, backed by investors such as Sequoia Capital, PayPal, and Mastercard, competes with fintech companies such as BharatPe, Mswipe, Paytm, and Razorpay

RBI lifts restrictions on Mastercard over onboarding new customers

The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms

With month to go for card-on-file tokenisation, firms set up solutions

Merchants and other entities that have stored card details of customers will have to purge the data and apply tokenisation

Edge launches Mastercard, enables users to spend with Bitcoin, Dogecoin

Edge Mastercard users sell their Bitcoin to the card when adding funds in the app, while merchants receive funds in USD

Australian watchdog sues Mastercard for anti-competitive practices

The ACCC investigated allegations that Mastercard engaged in anti-competitive conduct by offering certain large merchants cheaper interchange rates

Mastercard's 'smile to pay' raises concerns around face recognition systems

The company argues touch-less technology will help speed up transaction times, shorten lines in shops, heighten security and improve hygiene in businesses

FM Sitharaman meets heads of FedEx, Mastercard, others during US visit

Finance Minister Nirmala Sitharaman on Thursday met CEOs of large American firms like FedEx and Mastercard and discussed various opportunities for investment in India as the country is poised to be the fastest-growing large economy in the world. The Finance Minister is in the US to attend IMF-WB Spring Meetings 2022. FedEx President and CEO-elect Raj Subramanian, during the meeting with the Finance Minister, mentioned that he is positive about India and has significant expansion plans, including in skilling. Appreciating the government's commitment to integrated development through PM Gati Shakti Master Plan, Subramanian said the company is looking at R&D Centres in India. Last year, Prime Minister Narendra Modi launched a Rs 100 lakh crore national master plan for multi-modal connectivity that aims to develop infrastructure to reduce logistic costs and boost the economy. PM Gati Shakti targets to cut logistic costs, increase cargo handling capacity and reduce the turnaround time.

Chinese credit card processor UnionPay rebuffs Russian banks: Report

UnionPay's decision affects Sberbank, Russia's biggest commercial bank, and smaller institutions, RBC reported Wednesday

Nexo and Mastercard launch 'world first' crypto-backed payment card

It signals the latest move by crypto and incumbent financial networks to join forces as digital assets become more mainstream

Will fintech firms' governance standards, role of PEs attract scrutiny?

Fintech promoters, their private equity backers, and regulated entities that have teamed up with new-age firms will need to go back to the drawing board

Plastic nationalism: Can India really shelve Visa and Mastercard for RuPay

Ater card platforms suspended Russian clients' access to merchants overseas, the link between plastic and politics has acquired a more serious dimension.

Mastercard invests undisclosed sum in fintech firm Zeta

Fintech company Zeta has raised funds from global payments major Mastercard by selling an undisclosed stake.

Russian banks switch to Chinese UnionPay after Visa, MasterCard suspend ops

Several Russian banks on Sunday announced plans to start issuing cards using the Chinese UnionPay card operator system.