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News on Medial
How is AmEx Different from Visa and Mastercard?
Finsmes
·
1y ago
Medial
This article discusses the key distinctions between American Express (AmEx), Visa, and Mastercard in terms of processing and issuing credit and debit cards. While Visa and Mastercard facilitate the processing of payments made with cards issued by banks, AmEx not only processes payments but also issues its own cards directly to customers. The article highlights that while Visa and Mastercard offer a wider reach and greater choice, AmEx provides additional benefits and rewards through its own network and partnerships. Overall, these companies play a pivotal role in making global trade more accessible and convenient.
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Related News
India's digital payments strategy is cutting out Visa and Mastercard
TechCrunch
·
6m ago
Medial
India is successfully reducing reliance on Western payment networks like Visa and Mastercard by promoting its Unified Payments Interface (UPI) and RuPay, a local card network. UPI facilitates direct bank transactions via QR codes and phone numbers, accounting for 71% of transactions and 36% of consumer spending in India. RuPay’s exclusive right to process UPI credit card transactions is boosting its market share. Visa and Mastercard are adjusting strategies to compete in India's evolving payments landscape.
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Visa bids $100 million to replace Mastercard as Apple's new credit card partner
Economic Times
·
3m ago
Medial
Visa has reportedly offered Apple around $100 million to take over its credit card partnership from Mastercard, seeking to secure the Apple Card with an upfront payment usually reserved for major card programs. American Express is also interested in becoming the card's issuer and network. The previous partnership with Goldman Sachs and Mastercard has ended, and various financial firms, including JPMorgan Chase, are competing to become Apple's new credit card partner.
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Visa, Mastercard settle long-running antitrust suit over swipe fees with merchants
Economic Times
·
1y ago
Medial
Visa and MasterCard have reached a settlement with U.S. merchants in a long-standing lawsuit over swipe fees. This agreement could potentially save consumers billions of dollars as it caps credit interchange fees until 2030. The settlement requires companies to negotiate fees with merchant buying groups, benefiting small businesses in particular. In 2018, Visa and MasterCard agreed to pay $6.2 billion, and this recent settlement resolves the remaining disputes concerning card acceptance rules and the merchants who didn't participate in the initial settlement. Final approval is pending.
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RBI asks Visa, Mastercard to stop B2B payments via fintech platforms
VCCircle
·
1y ago
Medial
The Reserve Bank of India (RBI) has reportedly asked Visa and Mastercard to halt card-based business-to-business payments conducted through third-party fintech firms. While the central bank has not specified the reasons behind these restrictions, sources say the impact will only affect commercial payments facilitated by fintechs, not all corporate card payments. Visa has confirmed receiving the communication and stated that they are engaging with the RBI to ensure compliance. Mastercard has not commented on the matter.
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Cyber Threats Spark Iceland Plan to Process Payments at Home
Livemint
·
5m ago
Medial
Iceland is developing a domestic payments infrastructure to ensure financial transactions can continue even if disconnected from global networks. Currently reliant on international companies like Visa and Mastercard, Iceland aims for a more secure and cost-effective solution by creating a national system, driven by cybersecurity concerns and volatile geopolitics. The initiative, led by the central bank, seeks to lower transaction costs and enhance payment diversity, learning from past experiences and Nordic neighbors.
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Mastercard denies report it plans to raise credit card fees
Economic Times
·
1y ago
Medial
Mastercard has denied reports that it plans to increase credit card fees for merchants starting in October and April, as indicated by a Wall Street Journal report. The payments processing company clarified that it is not raising interchange rates or network fees in the United States this fall. Visa also responded, saying the reports were misleading and highlighting that overall interchange fees on Visa transactions have remained flat for a decade, with fee reductions for many small businesses and specific segments.
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NPCI ups RuPay credit card play against rivals - The Economic Times
Economic Times
·
3d ago
Medial
The National Payments Corporation of India (NPCI) is incentivizing banks to promote RuPay credit cards, challenging the Visa-Mastercard duopoly. This strategic shift includes financial incentives to banks from fees collected on credit card transactions. The move is supported by the increased popularity of RuPay cards since the RBI allowed linking with UPI payments. This initiative aims to capture a larger share of India's credit card market and boost domestic payment methods.
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How Visa and Mastercard can survive the stablecoin threat
Livemint
·
22d ago
Medial
Visa and Mastercard are facing challenges as stablecoins, digital tokens representing fiat currencies, threaten to disrupt traditional payment systems. Investors see stablecoins as potential competitors capable of transforming consumer payments by collaborating with existing financial entities. The volatility in Visa and Mastercard's shares reflects concerns about this emerging competition. To adapt, these companies may need to integrate or partner with stablecoin technologies to maintain their market positions in the evolving financial landscape.
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Nigerian PE firm Aruwa nears Fund II close, targets 25% oversubscription
VCCircle
·
2m ago
Medial
Aruwa Capital Management, a Nigerian private equity firm, has achieved a second close for its second fund, reaching about 90% of its $40 million target. This early-stage investor, focusing on small and mid-sized businesses in Nigeria and Ghana, aims for a 25% oversubscription due to strong investor interest. Fund II, launched in 2023, attracts support from major investors including the Mastercard Foundation, Visa Foundation, and British International Investment, doubling its previous fund's size.
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RBI diktat to banks, credit card companies set to upend long-term integrations
Economic Times
·
1y ago
Medial
The Reserve Bank of India's recent directive to banks and card schemes like Visa and Mastercard to avoid exclusive arrangements could pose a challenge to the long-standing partnerships between these institutions. Banks have relied on integrated partnerships with these card schemes to make their credit card operations profitable and appealing to customers. However, with the option for customers to choose other card schemes like RuPay, these partnerships may face disruption. Banks will need to educate customers on the differences between card schemes, and the regulatory push to make RuPay a significant player may further reduce reliance on international giants like Visa and Mastercard. Implementing this directive will be challenging for banks already grappling with regulatory changes and aiming to maintain a level playing field. In a rapidly growing Indian credit card market, these changes will affect lenders' financial plans and cobranded card partnerships.
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