First Data and MasterCard has announced an agreement in which First Data’s STAR Network will participate in MasterCard’s common U.S. Debit EMV solution. This agreement, combined with other recent industry announcements, provides a cost-effective solution and accelerates the ability for EMV functionality to be implemented across the U.S. EMV/ chip cards better protect account information
MasterCard reported a growth of 40% in gross dollar volume, or GDV, for its prepaid card business across Asia/Pacific, Middle East & Africa (APMEA) for 2013 (y-o-y). This strong growth was fuelled in part by significant partnerships announced over the last couple of years in the region, such as: The OneSmart dual-faced loyalty and prepaid
Following concerns raised in the Competition Commission Bank Enquiry Report regarding interchange fees, the South African Reserve Bank initiated the Interchange Determination Project in 2011 to review interchange rates applied in all relevant payment streams. Two payment streams were selected for the initial phase of the project, namely ATM and all card-related streams. The card
FIS a provider of banking and payments technology, and its NYCE Payments Network has announced a licensing agreement to make the Visa EMV debit solution available to all NYCE participants. This agreement furthers the U.S. payments industry goal of EMV adoption and is NYCE’s first formal EMV license, which can be used by NYCE Network
Universal Studios and American Express have announced an expanded multi-year agreement that brings Universal’s theme parks and filmed entertainment together with American Express to create exclusive consumer benefits and experiences. The agreement also enables American Express, for the first time, to acquire new Card Members directly through Universal theme parks and websites. While American Express
Visa Inc. and PULSE, a Discover Financial Services company, announced an agreement to enable financial institutions that issue EMV debit cards on both the Visa and PULSE networks to use Visa’s common debit solution. Visa’s common application identifier (AID) supports U.S. debit regulations requiring the ability to route transactions over multiple, unaffiliated networks. A common
Recently publicized data breaches are impacting the operations of financial institutions, according to a recent survey by ACI Worldwide. The survey of financial industry professionals was conducted in March 2014 at BAI Payments Connect and reports that 44 percent of customer accounts have been compromised. • 44 percent of customer accounts have been compromised •
In a speech delivered at the China Development Forum, Ajay Banga, president and CEO of MasterCard, recognized the growth of financial access within the country over the past 30 years and highlighted the critical role financial inclusion plays in the continued development of the Chinese economy. This is the fourth year that Banga has attended
The National Retail Federation has expressed disappointment in a court decision that will keep the Federal Reserve’s cap on debit card swipe fees at 21 cents rather than reducing it to a lower level. “NRF is disappointed and remains confident that the Federal Reserve erred when it set the swipe fee cap far higher than
MasterCard has announced a new initiative to help smaller merchants create efficiencies in their operations by accepting electronic payments. The effort combines changes to the company’s U.S. region rules with best practices and insights developed from conversations with smaller merchants. The new standards deliver greater transparency and value to smaller business owners. In the standard,
