Cards And Payments Industry News

  • July 28, 2016

    Singer Finance Lanka Launches Credit Card


    July 28, 2016 – Singer Finance Lanka partnered with Worldline to launch a credit card in Sri Lanka. Singer Finance is the first NBFC in Sri Lanka, which is licensed by the Central Bank to issue credit cards. The credit card will be available in 3 variants – Platinum International, Platinum Domestic and Gold.

  • July 22, 2016

    MasterCard May Seek China Payment License


    July 22, 2016 - MasterCard may apply for China payment license in 2016. In June, China allowed foreign payment card companies to operate in the country under new rules. Under the rules, China's national security and cyber security standards must be met. While the payment card company must also hold 1 billion yuan as registered capital.

  • July 20, 2016

    United Bank Africa Partners With MasterCard For Pan Africa


    July 20, 2016 - MasterCard and UBA are partnering across the 19 African countries in which UBA currently operates: Nigeria, Benin, Burkina Faso, Cameroon, Chad, Cote D’Ivoire, Democratic Republic of Congo, Equatorial Guinea, Ghana, Gabon, Guinea, Guinea-Bissau, Kenya, Liberia, Mozambique, Republic of Congo, Senegal, Sierra Leone, Tanzania, Uganda and Zambia. The partnership will focus on increased payments infrastructure across Africa, including the roll out of point-of-sale and mobile-point-of-sale technology.

    Kennedy Uzoka, Group Managing Director, UBA said, “As the needs of our customers change, we are adapting through strategic innovations and partnerships to provide them with excellent and convenient services. Through these strategic partnerships, we are able to accelerate the drive for financial inclusion and economic wellbeing across the African continent.”

  • July 19, 2016

    Republic Bank Offers Samsung Pay To Its Cardholders


    July 19, 2016 - Republic Bank started offering Samsung Pay to its Debit and Credit cardholders, in addition to Apple Pay to conduct payment transactions. When Republic Bank clients add their debit or credit card to Samsung Pay, the actual card numbers are not stored on the device. Instead, using tokenization, a unique and temporary credit card is created for each transaction use.

    “We continually look for innovative approaches to make the lives of our clients easier,” said Michael Sadofsky, Senior Vice President of Marketing, Republic Bank. “We are excited to offer Samsung Pay as an easy, secure payment solution that allows our clients to bank when, where and how they want.”

  • July 19, 2016

    Wells Fargo Announces Launch of Mobile Wallet For Android Users


    July 19, 2016 - Wells Fargo launched a mobile wallet for Android users. The wallet is integrated into Wells Fargo’s mobile app on Android phones.

    Jim Smith, head of virtual channels for Wells Fargo, said, “Today, we’re pleased to announce Wells Fargo Wallet for Android users, giving customers the unique ability to make secure NFC payments directly from the Wells Fargo mobile app. We know mobile is key to the future of payments, and we expect Wells Fargo Wallet to provide us a richer understanding of the quickly evolving landscape.”

  • July 19, 2016

    Ingenico Announces Partnership With Wirecard In Indonesia


    July 19, 2016 - Ingenico partnered with Wirecard in Indonesia through its subsidiaries, PT Ingenico International Indonesia and PT Prima Vista Solusi. The partnership allows Wirecard to provide its payment solutions and services through Ingenico point-of-sales terminals in Indonesia.

    Andree Santoso, Managing Director of PT Ingenico International Indonesia, commented, "The cooperation with Wirecard brings strategic advantages for both sides. We are pleased with the expansion of business in Indonesia." "As multi-channel payment solution provider, the integration of Ingenico into Wirecard point-of-sales product and service offering emphasize our commitment to bring a comprehensive portfolio of payment solutions to our clients in various markets and verticals," added Mr. Rudy Khowara, Managing Director Global Point-Of-Sales at Wirecard.

  • July 14, 2016

    Citi introduces Citi ATM Community Network, Providing Surcharge-Free ATM Access To Minority-Owned Bank Customers


    July 14, 2016 – Citi announced the formation of the Citi ATM Community Network, a new pilot program providing 300,000+ customers of participating minority-owned banks with the ability to withdraw cash with no surcharge fee at Citibank branch ATMs. "The Citi ATM Community Network will expand access to ATMs in key areas by capitalizing on our branch network in six major urban centers in the U.S.," said Will Howle, Head of U.S. Retail Banking at Citi. "We take seriously our role of providing financial services to the broad spectrum of populations in the communities in which we operate, and the Citi ATM Community Network is yet another way we will do it."

  • June 30, 2016

    UnionPay Launches Host Card Emulation (HCE) And Tokenization Based Mobile Payment Service In South Korea


    June 30, 2016 UnionPay International announced the launch of host card emulation (HCE) and tokenization based mobile payment service in South Korea, allowing its cardholders to pay by tapping their mobile phones. The launch of UnionPay HCE mobile QuickPass is supported by mobile network operator KT and its subsidiary BCcard.

  • June 29, 2016

    Citi announces Sale Of Prepaid Card Services To Wirecard


    June 29, 2016 – Citigroup announced that it has reached a definitive agreement to sell its institutional Prepaid Card Services to Wirecard. The transaction is expected to close in the fourth quarter of 2016.

  • June 01, 2016

    CASHU Offers CASHU Virtual MasterCard Prepaid Card in UAE


    June 1, 2016 - CASHU partnered with MasterCard and Noor Bank to launch CASHU Virtual MasterCard Prepaid Card in the UAE. Residents in UAE with a registered CASHU account will be able to create their Virtual MasterCard Prepaid Card to make payments on e-commerce websites that accept MasterCard. The launch of the CASHU Virtual MasterCard Prepaid Card represents the first phase of the company’s prepaid card strategy.

  • May 13, 2016

    Walmart Sues Visa for Imposing Signature Use for Customers


    May 13, 2016 - Walmart sued Visa for allegedly persuading the retailer to let customers use signatures, while making payments with their chip-based debit cards. Walmart filed a lawsuit against Visa in the New York court because Visa wouldn't allow Walmart to just use the "chip-and-PIN" protocol and required allowing customers to sign when using a chip debit card.

  • May 12, 2016

    Government of Rwanda Collaborates with MasterCard to Meet Rwanda’s 2020 Vision of a Cashless Society


    May 12, 2016 - The government of Rwanda and MasterCard have agreed to promote a cashless economy. MasterCard and the Government of Rwanda signed a memorandum of understanding to include 90% of the country's population in the financial mainstream. The solutions include digitisation of school fees and national healthcare claim payments, providing an online payment gateway, Rwanda Online, thus contributing to the creation of a common mobile banking platform, and effective management of spending activities across borders.

  • April 30, 2016

    KEB Hana Card And Myanmar Payment Union To Launch Co-Branded Debit Card


    April 30, 2016 KEB Hana Card and Myanmar Payment Union (MPU) signed a memorandum of understanding to produce a co-branded debit card. The card is expected to be launched in six months. The collaboration will bring convenience for South Korea people working in Myanmar and vice-versa in terms of remitting money to their respective country.

    Hong Pilate, EVP, KEB Hana Card said: “I think that Myanmar will have many foreign visitors in the future. MPU is the only payment network provider in Myanmar. Through this MOU, we can work together to develop in the payment sector and cards system in Myanmar. ”

    “Use of debit cards will increase because of this cooperation. Their card can be used in our country and our card can also be used in their country. The objective is to expand the network of using the card instead of cash,” U Zaw Lin Htut, CEO, MPU, said.

  • April 27, 2016

    Visa Brings Digital Payments to Rio 2016 Olympic Games as 1.2 Million Travellers Are Expected in Brazil


    April 27, 2016 - Visa celebrated the 100 day milestone to the Rio 2016 Olympic Games. Throughout its 30th year as the payment provider of the Olympic Games, Visa has been creating and managing the entire payment system infrastructure and network in all the venues including stadiums, press centers, point-of-sale (POS), the Olympic Village and Olympic Superstores. This year Visa will implement 4,000 POS terminals across the key Olympic venues, as well as 11 ATMs in partnership with Bradesco. Visa also aims to introduce the acceptance of new technologies throughout Rio, focusing on new ways to pay including payment through wearables and mobile phones.

    “Visa has always stood for universal acceptance and the most secure and fast way to pay across merchants, borders and currencies,” said Jim McCarthy, executive Vice President of Innovation and Strategic Partnerships at Visa Inc.  “As we prepare for the Rio 2016 Olympic Games, Visa is transforming the way fans pay, giving them choice in how they want to pay for anything, anytime and everywhere.”

  • April 09, 2016

    RuPay, Indian Payment Company Working on ‘Contact-less’ Debit Card


    April 9, 2016 - The Indian domestic payment gateway RuPay, whose debit cards make up more than a third of the total number of debit cards in the country, is currently working on a “contact-less” debit card, and is planning to launch it within three months, as reported by the company’s Chief Operating Officer, Dilip Asbe.

  • April 01, 2016

    Fidelity Investments Partners with Visa and U.S. Bank to Launch 2% Cash Back Fidelity Rewards Visa Signature Card


    April 1, 2016 - Fidelity Investments partnered with U.S. Bank and Visa to launch a latest long-term card-issuing program, under which Visa branded credit-card products would be offered to the American consumers, including Fidelity’s 24 million customers.  Under the new card program, the U.S. Bank will issue Fidelity Rewards Visa Signature Card and the Fidelity Investments 529 College Rewards Visa Signature Card, where card members can earn unlimited 2% cash back with no annual fees, caps or categories when directing rewards into eligible Fidelity accounts. The new issued cards will contain chip technology for security, and give access to the popular digital wallets, including Apple Pay, Samsung Pay and Android Pay.

    “We are excited about Visa’s expanded agreement with Fidelity Investments and U.S. Bank, and how together we will bring cardmembers convenient, innovative and secure ways to pay while helping them earn rewards to help fund life’s most important milestones,” said Ryan McInerney, President Visa.
    U.S. Bank has also agreed to acquire Fidelity’s existing co-brand credit card portfolio with approximately USD 1.6 billion in associated balances.

  • March 31, 2016

    MasterCard Observes Continued Momentum in EMV Adoption by the U.S. Consumers


    March 31, 2016 - Americans have been adopting EMV chip cards instantly, after six months of the latest milestone in the migration timeline. With the increasing consumer’s use to pay in-store, both the card issuers and merchants have made progress. MasterCard provided an update on how its cardholders, partners and customers are adopting the EMV chip technology:

    • More than two-thirds of US-issued MasterCard-branded consumer credit cards now feature chips. This represents a 51% increase in the number of consumer credit cards with chips in market since the October 1, 2015 liability shift.
    • Consumers can use their chip cards in more places, as 1.2 million U.S. merchant locations – an increase of 121% – have turned on their terminals and are accepting chip card payments.

    • In addition to national retail chains, approximately one million local and regional merchant locations are accepting chip cards.
    • Reductions in counterfeit card fraud over time – as much as 60%, 70% or even 80%. The U.S. industry continues to work together on EMV to generate similar results.

  • March 30, 2016

    UOB Unveils the YOLO Credit Card to Target Millennials


    March 30, 2016 - UOB launched the YOLO (for "You only live once") credit card targeting millennials, a segment of the population that would soon dominate the consumer spends. The credit card will provide priority access to bars and clubs, such as Kyo and Timbre; and dining deals and rebates on travel websites, such as Agoda and Expedia to its holders. “The YOLO card holders could also be among the first to initiate contactless payments with tokenised security in Asia-Pacific”, said UOB. All they need to do is tap their Android smartphones at more than 10,000 compatible terminals in Singapore, through the Bank's mobile app UOB Mighty. The app will also offer access to local dining deals and food reviews.

    The card also features Southeast Asia's first 'quick read' card face. Instead of the 16-digit card number like the conventional cards, the card numbers for YOLO cards are laid out in a 4-by-4 stack at the top right hand corner, thus making it easier for customers to read while making online transactions.

  • March 29, 2016

    Samsung Launches Mobile Wallet in China


    March 29, 2016 - Samsung in partnership with UnionPay announced the launch of mobile wallet service in China. Instead of using cards, the service allows shoppers to use their smartphones to pay for in-store purchases.

    Last month, Apple launched Apple Pay system in China, also in partnership with UnionPay. China's smartphone market, the largest in the world, presents a huge business opportunity for mobile payment systems.

    Samsung Pay and Apple Pay will now compete with Alibaba's Alipay, which currently dominates China's electronic payments market. Samsung Pay is currently available in South Korea and the U.S. It is expected to become available in the U.K. this year.

  • February 29, 2016

    Citi To Acquire Costco US Co-Brand Card Portfolio


    February 29, 2016 – Citi signed an agreement with American Express to acquire Costco's US co-brand credit card portfolio. Jud Linville, CEO, Citi Cards, said: "We are immensely pleased to have entered into an agreement to acquire the Costco portfolio and look forward to a long-term partnership with Costco and the opportunity to deliver value, convenience and seamless service to their 51 million loyal members across the country."

  • January 28, 2016

    YES BANK Launches YES InControl Technology to Control Debit Card Spends


    January 28, 2016 - YES BANK in association with MasterCard launched “YES InControl”, a technology to control debit card spends. YES InControl will allow YES BANK customers to control their debit card usage. By using the technology, customers can customize the usage parameters and limits for their Yes Bank debit cards for better safety. The technology can be enabled by suitably configuring the parameters, such as daily/ weekly budgeting, merchant category, location and time of the day. These parameters can be easily and conveniently set by the customer themselves through YES BANK NetBanking on a real-time basis, thereby having an enhanced security, better control and accurate management of finances. By imposing a limit on the debit card, customers can ensure an additional layer of security on their card, supplementing the existing security offered by the YES BANK platform. It also allows the customers to manage and modify limits on add-on cards linked to the YES BANK debit card, thereby helping them take charge of the family’s budget and finances.

  • December 02, 2015

    Axis Bank Launches Display Debit Card for NRE Customers


    December 2, 2015 - Axis Bank launched the Display variant Debit Card for its NRE customers. The EMV chip embedded, interactive debit card comes with a display screen and touch sensitive button that allows customers to generate the OTP on the card itself. The OTP, in conjunction with the user id and password, allows the customer to seamlessly transact on internet banking without having to wait for OTP delivery via SMS or email. This does away with the hassles due to OTP not being delivered, owing to telecom network issues or mobile number updation. Axis Bank will be the first Indian bank to launch this new technology and has added additional features and benefits to create a unique offering in the market.

    The new Display Debit card comes with international ATM access charges waived, providing unlimited free international ATM usage. It also offers customers lounge access, loyalty points on all transactions and air accident insurance and personal accident insurance of INR 25 lakhs and INR 5 lakhs respectively.