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News on Medial
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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Related News
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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'India-tech for the world is ready': Anupam Mittal says it's time for UPI to disrupt global payment giants like Visa, Mastercard
Business Today
·
4m ago
Medial
Anupam Mittal, founder of Shaadi.com, encourages the global expansion of the Unified Payments Interface (UPI) to challenge payment giants like Visa and Mastercard. UPI's potential to disrupt the multi-trillion-dollar payments industry by eliminating transaction fees and facilitating seamless global payments is highlighted. Several countries, including Singapore and France, are integrating UPI. The Indian government has launched an incentive scheme to promote low-value BHIM-UPI transactions, supporting small merchants with transaction incentives.
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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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Pine Labs Launches Soundbox Device For Merchants To Accept Mobile & Card Payments
Inc42
·
11m ago
Medial
Pine Labs has introduced the 'Pine Labs Mini', a device that enables merchants to accept mobile and card payments across various networks such as Visa, Mastercard, American Express, and RuPay. The device also includes a 'tap and pay' feature for card payments up to INR 5,000. Additionally, Pine Labs' subsidiary, Setu, recently launched UPISetu, a UPI-focused payments platform for businesses and developers.
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Paytm launches ‘Card Soundbox’ for payments
Economic Times
·
1y ago
Medial
Paytm has introduced the 'Card Soundbox,' a device that enables merchants to accept both mobile and card payments across various networks, including Visa, Mastercard, American Express, and RuPay. The device has a built-in 'tap and pay' feature for card payments up to Rs 5,000 and supports NFC-enabled smartphones for mobile payments. It operates on a 4G network with a five-day battery life and offers multilingual alerts. The Card Soundbox aims to provide a seamless payment experience for both merchants and customers, merging card and mobile payments.
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Visa, Mastercard stop business payments via cards post RBI instructions
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) has instructed card networks like Visa and Mastercard to halt card-based vendor payments made by corporations. Fintech startups operating in this sector have received a notice to pause business payments made by commercial cards until further notice. The exact reason for this regulatory action remains unknown, with speculation focusing on payment aggregator guidelines and potential issues regarding KYC compliance for vendors and merchants.
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Instamojo May Pull Out Of Payment Gateway Bid
Inc42
·
1y ago
Medial
Fintech startup Instamojo, backed by investors like Mastercard and Kalaari Capital, may not reapply for a payment aggregator license after the Reserve Bank of India rejected its application. Instead, the company is focusing on upgrading its back-end infrastructure to assist clients and has partnered with licensed payment aggregators and banks to facilitate merchant transactions. Instamojo plans to settle merchants' funds directly into their nodal accounts, bypassing the need for its own nodal account. The decision to halt its payment aggregator operations had previously led to panic among merchants and a decline in profits for Instamojo.
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RBI asks Visa and Mastercard to suspend card-based commercial payment services
IndianStartupNews
·
1y ago
Medial
The Reserve Bank of India (RBI) has instructed Visa and Mastercard to halt card-based commercial payments made by corporations and small enterprises. This directive is in response to concerns about transactions conducted at unauthorized outlets and money flowing to non-KYC-compliant merchants. The RBI's focus is specifically on payments routed through Business Payment Service Providers (BPSPs), which facilitate transactions for merchants not authorized to accept card payments. Regular corporate card transactions remain unaffected by the directive. Clearer guidelines and understanding between fintech firms and the regulator may be needed.
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NPCI ups RuPay credit card play against rivals - The Economic Times
Economic Times
·
28d 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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Visa bids $100 million to replace Mastercard as Apple's new credit card partner
Economic Times
·
4m 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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