Page 5 - Mastercard

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.

Mastercard, Visa suspend operations in Russia after Ukraine invasion

Mastercard and Visa are suspending their operations in Russia, the companies have said, in the latest blow to the country's financial system after its invasion of Ukraine

Visa, Mastercard block Russian financial institutions named for sanctions

US payment card firms Visa Inc and Mastercard Inc have blocked multiple Russian financial institutions from their network, complying with government sanctions imposed over Moscow's invasion of Ukraine

Russia seeks to pause investor stampede as sanctions hammer economy

Russia seeks to place temporary restrictions on foreigners seeking to exit Russia assets, as it tried to stem an investor retreat driven by crippling Western sanctions imposed over Ukraine invasion

Visa, Mastercard block Russian financial institutions after sanctions

On Saturday, the US, Britain, Europe and Canada announced new sanctions on Russia - including blocking certain lenders' access to the SWIFT international payment system

PhonePe is first payments firm to tokenise cards on Visa, Mastercard, Rupay

The company claims the tokenisation solution will help businesses save significant time and effort by removing the need to integrate with multiple card networks while complying with RBI norms

Worldline partners with major card networks to launch tokenisation solution

Worldline said that it has developed a fully interoperable plug-and-play solution to enable card on file tokenisation using single integration

Visa complains to US govt about India backing for local rival RuPay

Mastercard Inc has raised similar concerns privately with the USTR

What's behind Indians' credit card spending surge in recent months?

India's credit card spending is back with a bang. What is driving the surge? Does this indicate a quick economic recovery? What are the lessons we can draw from this trend? Let us take a look

Ajay Banga to retire from Mastercard on December 31, Janow to head Board

Ajay Banga, one of the topmost Indian-American corporate leaders, and a strong advocate of India-US relationship, would retire from Mastercard at the end of the year, the global credit card firm said

US trade official called India's Mastercard ban 'draconian' - emails

The Reserve Bank of India accuses it of breaking local data-storage rules

Private lender RBL Bank resumes credit cards issuance to new customers

Plans to issue 1.2-1.4 million cards in the current financial year (FY22)

Mastercard ban: RBL Bank restarts credit card issuances with rival Visa

Two months after getting hit by the regulatory ban on Mastercard, private sector lender RBL Bank on Wednesday restarted credit card issuances on rival Visa's payment network. The Reserve Bank of India had banned Mastercard from issuing any new cards on July 14 this year for not complying with data localisation requirements. The move had hit a slew of lenders, including RBL Bank, which was fully dependent on the American payment company for its credit card business. RBL Bank said it signed up with Visa on July 14 itself, and the technology integration was achieved in record time to restart new issuances. Its head for retail business thanked Visa and technology partner Fiserv, and exuded confidence of meeting its target of issuing 12-14 lakh credit cards in FY22. Visa's head of business development for India Sujai Raina said the company aims to enable digital payments and help customers avail credit offerings from issuers with ease. Credit cards contribute 37.5 per cent of the retai

HDFC Bank aims to issue 300,000 credit cards per month from next quarter

HDFC Bank is looking at winning back the market share by number of cards in the next one year, a senior official said on Monday. The largest private sector lender by assets was allowed to issue new credit cards by the RBI last week, over eight months after being banned from doing so due to concerns over repeated technological outages. Parag Rao, its group head for payments and consumer finance, digital banking and IT told reporters that the bank has set some milestones for itself as it seeks to re-enter the market. The first is to achieve monthly new credit card sales to 3 lakh, the number right before the ban in November 2020, Rao said, adding that the same will be achieved in three months. Two quarters after that, it aims to take the monthly new card sales to 5 lakh a month, Rao said, adding that in three to four quarters from now, it plans to regain the market share by number of cards. Rao added that during the ban, the bank lost its market share by number of cards but was able

No material impact on card issuers: Nomura on RBI restrictions

The RBI had earlier restricted American Express and Diners Club

Action taken against HDFC Bank, Mastercard to ensure compliance: RBI's Das

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Top headlines: Sun Pharma's strong Q1 show, India-China military talks

Business Standard brings to you the top headlines on Saturday

Mastercard submits new audit to India after ban over data handling

The Reserve Bank of India (RBI) on July 14 sent panic-waves through Indian banking partners by announcing a ban, effective from July 22, to prevent the U.S. giant from issuing new cards.

Mastercard profit beats estimates on consumer spending, travel boost

Mastercard saw improved strength in travel between the Unites States and Latin America, as well as an increase in travel within Europe, Miebach said on a conference call.

Top headlines: Govt may get 30% more from asset sale, Q1 GDP growth at 22%

Business Standard brings you the top headlines on Friday