MASTERCARD
Banks seek clarity from RBI on credit card network norms
Several banks have sought clarity from the Reserve Bank of India (RBI) regarding guidelines that mandate offering existing credit card customers a choice of networks like Rupay, Visa, and MasterCard. As per RBI's guidelines issued in March, card issuers must provide this choice both during initial issuance and at the time of renewals. A senior bank executive informed ET that banks have sought clarification on whether this choice of networks should be extended to all existing customers or only implemented during renewal processes.
Fintech firm Pine Labs weighs $1 billion IPO in India
Pine Labs is reportedly considering a US IPO that could value the company at over $6 billion. The offering is expected to include both new and secondary shares, and the company may pursue a pre-IPO funding round.
Bitcoin rally and ‘short memories’ reignite everything in crypto
Bitcoin's rally is reviving animal spirits in the financial world, with a surge in deal flow and investments. The crypto market sees a return of bull market hallmarks, including celebrity endorsements and new tokens creation at a rapid pace.
It's also the journey, not just destination
Reaching this figure would have taken a whole year to achieve about a decade ago. Annual data for remittances reveals a significant rise in overseas travel spending, which reached $17 bn in FY24, an increase of more than 24.5% over the $13.6 bn in the previous year. In comparison, India's inbound tourism earnings in 2023 were $28.07 bn.
More Indians are travelling than ever before: Mastercard Economics Institute on travel in 2024
In 2024, more Indians are traveling internationally than ever before, driven by a growing middle class and expanded route capacity, according to the Mastercard Economics Institute's report. Domestic air travel surged 21% above 2019 levels, while international travel rose by 4%. Top destinations for Indian travelers this summer include Amsterdam, Singapore, London, Frankfurt, and Melbourne. The report highlights a shift in Indian travel habits towards exploration and discovery, with increased visits to Japan, Vietnam, and the United States.
Razorpay revamps health insurance policy, provides coverage for vital medical treatments
Razorpay unveils new employee health insurance policy covering vital treatments like HIV/AIDS and conditions such as polycystic ovary syndrome. Employees can customize plans to include siblings, LGBTQIA+ partners, and enhanced maternity benefits. The move aligns with the trend of personalized, comprehensive healthcare offerings in India.
Zeta launches new stack for banks to power credit transactions on UPI
Zeta, led by Bhavin Turakhia, aims for $1 trillion UPI credit disbursals by 2030. The fintech startup launches a new tech stack for UPI transactions, targeting global break-even and strategic partnerships.
Mastercard Q1 Results: Profit beats St expectations as consumer spending defies inflation worries
Mastercard's Q1 profit exceeded expectations with solid results driven by consumer spending. Asia Pacific travel trends and cross-border spending were impacted by timing differences.
Indian sports fans are flying more to be where the action is
Indian sports fans are travelling the world to watch their favourite sporting events across categories like never before, buoyed by rising disposable incomes, travel companies said.
Walmart customers can receive up to $500 in settlement: Who is eligible and how to claim
Walmart has recently settled a class-action lawsuit originating from Florida. The lawsuit accused Walmart of overcharging customers, prompting the company to agree to a $45 million payout to resolve the allegations.
Visa, Mastercard settle long-running antitrust suit over swipe fees with merchants
Visa and MasterCard settle with U.S. merchants on swipe fees, potentially saving consumers billions. The agreement caps credit fees, mandates negotiations with merchant groups, and impacts small businesses. Final approval pending from Eastern District Court.
RuPay card set to gain market share after RBI directive to give consumers a choice of card network
The market share of RuPay cards is expected to improve soon as banks implement the recent Reserve Bank of India (RBI) directive, offering customers the option to choose card networks among Visa, Mastercard, or RuPay. The move, effective October 2024, aims to promote a domestic card, protect consumers, and accelerate RuPay's acceptance, potentially impacting card issuers' earnings due to lower fees and limited international acceptance.
Airtel Payments Bank appoints Anuj Bansal as chief financial officer
Anuj Bansal will be responsible for overall financial strategy, including corporate financial planning, budgeting, supply chain and treasury management. He will be a part of the bank’s executive committee and will work closely with Anubrata Biswas, managing director and CEO of Airtel Payments Bank.
Credit cards: How RBI could break the hegemony of Visa & Mastercard without tinkering with a dependable system
The Reserve Bank of India (RBI) is set to transfer the right to choose a card network, such as Visa, Mastercard, American Express, Diners Club, or RuPay, from credit card issuers with portfolios larger than 1 million cards to credit card holders. This move could lead to a shift from a market where consumers are spoilt for choice to one where the market may be spoilt by choice. The decision was prompted by the need to allow consumers to use RuPay-linked credit cards, which have been augmented by its interoperability with UPI.
RBI diktat to banks, credit card companies set to upend long-term integrations
For several years, banks have been dependent on deep integrations and partnerships with companies like Visa and Mastercard to make credit card operations profitable for them and attractive for customers. But now, given the choice, if consumers want to move to other card schemes like RuPay, those partnerships will get disrupted.
RBI's restrictions card network will reduce volumes but not hit profits of banks' card business
According to banks, the value of transactions in these cards is high, but since they do not attract the same level of fees (merchant discount rate) as retail sales, their card earnings will not be significantly hit.
Visa, Mastercard stop business payments via commercial cards post RBI instructions
Industry sources indicate that flow of money through commercial card route towards non-KYC-ed merchants is something that irked the regulator.
Microsoft and others are making new tools to help small businesses capitalize on AI
Small business owners are using AI tools like OpenAI's ChatGPT, Google's Bard and others to check grammar in emails, punch up marketing copy and research business plans.
Taxpayers can pay tax via credit,debit card; GSTN enabled the payment mode
GST taxpayers in India can now pay their tax via credit and debit cards, with the Goods and Services Tax Network (GSTN) enabling online methods like net banking, Immediate Payment Services (IMPS), and Unified Payments Interface (UPI), starting in 10 states/UTs.
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