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Search Results for: mastercard

The CFPB Orders Mastercard, UniRush To Pay $13 Million for 2015’s RushCard Glitch

By Jim Daly@DTPaymentNews The Consumer Financial Protection Bureau on Wednesday announced a consent order that requires Mastercard Inc. and UniRush LLC, program manager of the prepaid RushCard, to pay $10 million in restitution to cardholders and a $3 million civil fine as a result of an October 2015 processing glitch …

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Mastercard Expects To Continue Growing Despite Political Turbulence in the U.S.

Mastercard Inc.’s key operating and financial metrics all grew in the fourth quarter, and president and chief executive Ajay Banga on Tuesday said he expects them to continue growing despite the political turbulence created by President Donald Trump’s new administration. In the United States, total fourth-quarter credit and debit card …

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British Competition Authorities Question Mastercard’s VocaLink Acquisition

The United Kingdom’s Competition and Markets Authority (CMA) is questioning Mastercard Inc.’s planned $920 million acquisition of London-based VocaLink Holdings Ltd., a deal which if consummated would give Mastercard a strong presence in several non-card payment systems, including the Faster Payments initiative in the United States. VocaLink operates Bacs, the U.K.’s …

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Why Visa And Mastercard Are Playing Ball on Tokens

Since 2014, Visa Inc. has been tokenizing Visa-branded payment cards and Mastercard Inc. has been tokenizing Mastercard-branded cards, but neither network has had access to tokens for cards branded by the other network. Now, that’s about to change. Under an agreement announced last month by Visa and Mastercard, Visa will …

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PayPal Follows Up on Visa And MasterCard Pacts With Citi And FIS Agreements for 2017

After PayPal Holdings Inc. in July signed a sweeping agreement with Visa Inc., and in September reached a similar deal with MasterCard Inc., giving PayPal access to the card networks’ token engines and thereby new access to the physical point of sale, observers wondered when the other shoe would drop. It dropped …

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A Landmark Reciprocity Pact Lets Visa And MasterCard Access Each Other’s Tokens

Visa Inc. and MasterCard Inc. have been tokenizing their payment cards since 2014, but have not been able to access tokens for cards branded by the other network. That will change soon as the result of an agreement announced separately Thursday by Visa and MasterCard. Under the agreement, Visa will be able …

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Visa, MasterCard Postpone 2017 Fuel-Pump EMV Liability Shifts for Three Years

Citing the difficulties that gas stations are having in retrofitting fuel pumps to accept EMV chip cards, Visa Inc. and MasterCard Inc. are postponing their Oct. 1, 2017, EMV liability shift for U.S. automated fuel dispensers (AFDs) until Oct. 1, 2020. Visa announced the postponement in a blog posting early Thursday. The …

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MasterCard Debuts Fraud-Prevention Technology and other Digital Transactions News briefs

• Credit cards were implicated in 59% of all fraudulent online transactions for the period stretching from Black Friday through Cyber Monday, up from 49% for the same period last year and from 44% in 2014, according to data from iovation, a device-authentication company. Still, fraudulent traffic overall for the period …

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ATM Operators Cheer After Supreme Court Tosses Visa-MasterCard Appeal in Fee Case

By Jim Daly@DTPaymentNews After five years, it looks like class-action lawsuits by ATM independent sales organizations and consumers challenging Visa Inc. and MasterCard Inc. rules over ATM surcharging on antitrust grounds may finally be headed to trial. The U.S. Supreme Court last week dismissed appeals by Visa and MasterCard after …

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PIN-Debit Wins Give MasterCard’s Transaction Volumes a Boost

By Jim Daly@DTPayment News Most of the chatter about how the debit card market has changed in the five years since the Durbin Amendment took effect centers on what market leader Visa Inc. is doing, or how the electronic funds transfer networks are maneuvering to stay alive and grow. But …

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Digital Transactions