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Visa and MasterCard shares surge as China ends card monopoly

Shares in Visa Inc. and MasterCard Inc. climbed the most since October after China’s government indicated it plans to end a monopoly in bank-card clearing. Visa gained 4.1% to close at $68.01 in New York, the best performance in the Dow Jones Industrial Average. MasterCard advanced 3.9% to $91.20. Rules published Wednesday by China’s State Council, which take effect June… Continue reading >>

US readiness for EMV at a low point

With a crucial deadline looming in 2015, the US payments industry will have only partially converted to the Europay-MasterCard-Visa (EMV) chip card standard by the end of that year. Indeed, it will likely take years to equip small merchants especially to accept EMV, according to a report released by Javelin Strategy & Research Card issuers will lag significantly as well…. Continue reading >>

Can you turn regulatory and payment scheme compliance into a competitive advantage?

Regulatory compliance has long been viewed as a mandatory component and a ‘cost’ of doing business as a financial services provider, whether you are an issuer, programme manager or payment services provider. However, the regulatory landscape has evolved and while compliance remains a primary focus, there is now an opportunity to gain a larger foothold in the payments value chain and… Continue reading >>

TNS set to accelerate UnionPay acceptance worldwide

Transaction Network Services (TNS) has launched a new global card scheme gateway which will enable merchants and banks to quickly and easily connect with UnionPay for authorization and processing of in-store payment transactions. Banks, processors and merchants wishing to accept UnionPay cards will be able to use the TNS Scheme Gateway to access UnionPay’s processing hub in Hong Kong, removing… Continue reading >>

Post Office to accept American Express

The Post Office has announced it will accept American Express Cards in all of its 11,500 branches making it the largest UK retail network to do so. The introduction of American Express as a payment option in Post Office branches follows demand from personal and business customers who wanted to have more flexibility when making card payments. Initially, American Express Card… Continue reading >>

UK is the global leader in contactless payments

According to a new research from Timetric, contactless payments have become a major tool for migrating consumer payments from cash to cards, particularly debit cards. “Contactless cards have gained popularity in the UK, contributing to the growth of payment cards transaction values over the last few years. Contactless technology is now a feature of around 60 million, or a third… Continue reading >>

Vodafone wallet to accept contactless card payments

Vodafone customers will soon be able to add bank cards to their Vodafone Wallet and use smartphones to pay for goods and services at contactless terminals. Following new agreements with Visa and Carta Worldwide, contactless card payments via Vodafone Wallet will be enabled in European markets from Q2 2015 onwards. This service, which requires a Vodafone NFC SIM, will be supported… Continue reading >>

Differing forecasts for mobile wallet

Research and opinion on mobile payment trends contain conflicting predictions and conclusions, partly as a result of banks commissioning fewer market studies, leaving researchers to find a new starting point for evaluation, says consultant Steve Mott. For example, research from Auriemma Consulting Group found at least 42% of iPhone 6 and 6 Plus users have tried Apple Pay at least… Continue reading >>

Türk Ekonomi Bankası launches mobile payment app using Visa’s HCE technology

Türk Ekonomi Bankası (TEB) has announced it will launch a mobile contactless payment application, powered by Visa Europe’s HCE (Host Card Emulation) technology. The application will use the HCE functionality that is gathering pace across Europe as NFC enabled smartphones become widespread. The application allows the bank’s customers to perform quick and secure contactless transactions via a smartphone, using card data… Continue reading >>

Money laundering rules for digital currency to be put in place by UK government

Setting out its approach to digital currency, the UK government has vowed to start applying anti-money laundering regulation to exchanges but also promising to put cash behind research into the potential of blockchain technology. Last August the government outlined plans to look into the risks and benefits of digital currencies and their underlying technologies. This was followed up by a call… Continue reading >>