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Mastercard may have to pay $18.5 billion in a Lawsuit

15Dec By AdityaNo Comments

News

Mastercard may have to pay $18.5 billion in a Lawsuit

London, Dec 15, 2020 (AP): Mastercard could have to pay U.K. consumers as much as 14 billion pounds (USD 18.5 billion) after the country's Supreme Court allowed a class-action lawsuit against the credit card company to move forward. The Supreme Court on Friday ordered a competition tribunal to reconsider its decision to block a lawsuit alleging that Mastercard overcharged businesses that accepted the company''s credit and debit cards. These fees were then passed on to consumers in the form of higher prices, the suit claims. Mastercard does not accept that merchants passed on all or any part of any overcharge to their customers. The Competition Appeal Tribunal must now reconsider its refusal to certify the lawsuit as a “collective proceeding.” Certification is required before mass ...

Mastercard CEO Ajay Banga Steps Down, Served Company for 10 years

26Feb By NitishNo Comments

BUSINESS

Mastercard CEO Ajay Banga Steps Down, Served Company for 10 years

Mastercard's Indian-American President and Chief Executive Officer Ajay Banga will step down from his role and assume charge as Executive Chairman of the Board of Directors. The organization announced Michael Miebach as a new CEO of the Mastercard. In its statement, the company said that Banga will become Executive Chairman of the Board of Directors effective January 1, 2021. Miebach, currently the Chief Product Officer, will become Chief Executive Officer and a member of the Board of Directors on January 1, 2021 and, as part of the transition, to become President March 1 this year. The Board unanimously elected Miebach to his new role. As President of the company, Miebach will oversee the sales, marketing, products, services and technology organizations. Banga, 60, who ha...

Spending on U.S. Credit, Debit, and Prepaid Cards to Top $10 trillion

12Nov By PriyankaNo Comments

USA

Spending on U.S. Credit, Debit, and Prepaid Cards to Top $10 trillion

CARPINTERIA, Calif., Nov. 11, 2019- Spending for goods and services initiated by credit, debit, and prepaid cards issued in the United States, which totaled $7.266 trillion in 2018, is projected to reach $10.086 trillion in 2023 according to statistics released this week from The Nilson Report, the leading card, and mobile payment industry trade publication. At the end of 2018, there were 6.96 billion credit, debit, and prepaid cards in circulation in the U.S. That total is expected to reach 8.02 billion at the end of 2023. "When nearly 7 billion payment cards generate more than $7 trillion in purchases of goods and services…you have to conclude the state of the card business is very good," said David Robertson, Publisher of The Nilson Report. Credit cards accounted for 54.17% of...

Mastercard Starts deleting Indian Users Data

13May By PriyankaNo Comments

News

Mastercard Starts deleting Indian Users Data

Global payments giant Mastercard has started to delete transactions data of Indian consumers from US-based servers, and saving the same in India, from this month and expects to complete the de-duplication exercise by this year-end, a top official said. The moves come in the backdrop of the regulator RBI asking such payment technology firms to comply with data localization norms which requires them to store transactions data of Indian customers within the boundaries of India. Mastercard, however, has already started saving data at servers in India from October last year which is duplicate data of that saved in the US. "From October 2018, the data has been residing in India, that is step one. The point of challenge is data to be only in India because it is not about putting just few...

13Nov By Gauri SinghNo Comments

INDIA

Visa, Mastercard and American Express May Have to Pay Tax in India

International payment companies like Visa, Mastercard and American Express now may have to pay around 15% tax on their India income. This may happen as they set up servers locally to comply with a central bank directive on data storage. The Reserve Bank of India had ordered payments companies to locally store data on all transactions taking place within India from October 15. Visa, Mastercard and American Express mentioned that they had taken steps to comply with the regulation. At present, all these companies are out of the tax net in India, as they do not have a ‘permanent establishment’ in the country. The companies work and offer their services here through offices in jurisdictions such as Singapore and store data on servers located in countries like the US and Ireland. As soo...

Cab Aggregator Grab Ties up With MasterCard to Offer Virtual Debit Cards

25Oct By Gauri SinghNo Comments

BUSINESS

Cab Aggregator Grab Ties up With MasterCard to Offer Virtual Debit Cards

Ride hailing company Grab has reportedly has announced its plans to introduce virtual pre-paid debit in collaboration with Mastercard. This move is the biggest digital payment push in Southeast Asia to date. The particular deal will witness its Grab Pay business offer Grab’s 110 million registered users the option to use a virtual Mastercard to make payments both online and in-person. With this partnership, the users will be able to use physical Grab Pay cards or virtual ones, the latter being a card number, expiry date, and other details that are held within the Grab app. “We see Grab Pay as a glue that goes across all the products we offer, and rewards our users for using them,” Reuben Lai, senior managing director at Grab Financial said. “Grab Pay users spend two times more than ...

30May By NitishNo Comments

FUNDING

Bengaluru based Payment Platform Raises $10 Million Funding From Amazon

Bengaluru based ToneTag, a contactless payment platform has raised $8-10 million from investors like Amazon Inc. and Mastercard etc. Founded in 2013, ToneTag enables contactless digital transactions on mobile phones, card swiping machines, automated teller machines and other payment-enabling devices. The payment platform enables existing POS devices to accept payments using sound. Tonetag was founded by Kumar Abhishek and Vivek Singh and currently have a 47-member team constantly working to bring innovation to its technology. ToneTag has filed 7 global patents for a variety of exciting use cases in the payments ecosystem and the offline retail space and has touched the lives of its over 50 million global consumers. The startup collaborated over 250,000 merchants to made thei...

Decoding World’s First Interoperable Quick Response (QR) Code BharatQR

9Mar By NitishNo Comments

BLOGS

Decoding World’s First Interoperable Quick Response (QR) Code BharatQR

Bharat QR, the world’s first interoperable Quick Response (QR) code acceptance solution, has been developed by Mastercard in collaboration with National Payments Corporation of India (NPCI) and Visa. American Express is also on board to adopt these standards. The payment solution is expected to revolutionize the payments landscape altogether, besides driving greater acceptability and adaptability among the masses with its inherent ease of use and low cost of deployment. We are decoding BharatQR in 6 easy steps for consumers to understand the new payment method:

American Giant MasterCard Invested An Undisclosed Amount In RazorPay

1Jul By RishabhNo Comments

FUNDING

American Giant MasterCard Invested An Undisclosed Amount In RazorPay

American payments and financial services company MasterCard has invested an undisclosed amount in Razorpay, an online payment gateway solution for small and medium enterprises and platforms. This marks the second equity-based investment done by MasterCard. Bengaluru-based Razorpay, which works with online product and technology businesses such as cloud telephony company Knowlarity and lifestyle ecommerce portal Nykaa, will be part of a six-month long MasterCard Start Path programme for startups targeted at technology development. "The association with MasterCard opens up the network of banks it works with. As our product focuses on reducing the failure rate of transaction, this will help us bring down the number of hops," said Harshil Mathur, cofounder of Razorpay to the source ...