The Competition Commission of Mauritius has ordered Visa and MasterCard to cap their interchange fees after finding the credit card issuers abused their dominance by setting unreasonably high rates. Following an inquiry in 2009, the regulator launched an in-depth investigation. In 2013, they determined that a restrictive business practice was occurring with in the payments […]
In its biggest acquisition to date, Mastercard will buy Nets for €2.85 billion (US$3.19 billion). With the purchase of the Denmark-based payments platform, Mastercard is picking up an electronic billing platform that offers clearing and instant payment services, reported Reuters. Mastercard announced on Tuesday, August 6, it would buy a majority of the corporate services […]
Mastercard announced Tuesday, May 21, that it is collaborating with Samsung to research and develop ways for people to verify their digital identity on mobile devices. In a press release, Mastercard stated that as it stands people have to manage multiple passwords and documents to ensure their identifying data and money remains safe. They are […]
The European Union has accepted an offer by Visa and Mastercard to cut fees on payments made by tourists using cards issued outside the bloc to stave off fines and end an EU antitrust investigation. The European Commission, which has waged a decades-long crackdown on payment and credit card fees, says that so-called interchange fees […]
Mastercard has acquired Vyze, a technology platform for point-of-sale payment options, designed to provide flexibility and convenience through financing options. Simon Vincent, Head of Product at aiGateways said, “This offers users total control from their existing bank app.” Vyze connects merchants with multiple lenders, allowing them to offer their customers a wide range of credit […]
Walter Merricks decided to take on the biggest class action in British history, believing millions of consumers had paid higher prices in shops for 16 years because of allegedly excessive transaction fees. “I thought, ‘Right. You’re on’,” the former financial ombudsman said. Last week Merricks’s ambition was vindicated when the court of appeal ruled in […]
Mastercard faces the possibility of a £14 billion (US$18.2 billion) lawsuit after the Court of Appeal in London made a surprise ruling. And nearly every British adult could get a payout of up to £300 (US$391), reported BBC. That court stated that the Competition Appeal Tribunal (CAT) must reconsider the class action against the payments […]
Mastercard disclosed on Friday, March 8, that it will acquire global cross-border money transfer company Transfast, which works with both P2P (peer-to-peer) and B2B (business-to-business) payments. Mastercard announced in a press release that Transfast will “complement Mastercard’s wide range of payment solutions by increasing worldwide connectivity in the account-to-account space, enhancing compliance capabilities and offering […]
In a settlement that has been given preliminary approval by a federal court in New York, Visa and Mastercard, along with bank defendants, have agreed to provide roughly US$6.24 billion in settlement funds. The funds are subject to a deduction that is said not to exceed US$700 million, according to a notice authorized by the […]
Visa and Mastercard are preparing to raise certain fees levied on US merchants for processing transactions from this April, the Wall Street Journal reported on Friday, February 15. The increase will affect the interchange fees as well as the fees that card networks charge financial institutions for processing card payments, the report said. A Visa […]