Amazon’s merciless move to block Visa likely to lead to rapid uptake of… Amazon credit cards, which are issued by Mastercard Card fee war Following the news that Amazon will no longer accept payments from UK-issued Visa credit cards, some industry insiders are convinced the e-commerce giant’s decision is a calculated move to drive the adoption of the company’s own payment cards, and will give a competitive advantage to Visa’s main rival, Mastercard. Last week, the online retailer confirmed that Visa credit [...]
Obsolete: Mastercard to phase out magnetic strips on cards by 2033 Mastercard is phasing out the magnetic strip that has been the vital element of all credit and debit cards since the 1960s. The financial services giant has said that the strip is on the verge of becoming obsolete with merchants and consumers increasingly relying on chip technology to conduct transactions securely. Modern chip cards have [...]
Mastercard profits jump more than a third as easing Covid restrictions boost spending Mastercard profits jump a third as easing restrictions boost spending Mastercard beat expectations and posted a 36 per cent rise in profits in the second quarter, buoyed by an overall increase in spending as vaccine rollouts accelerated, lockdowns lifted and travel picked up. Adjusted net income rose 36 per cent to $1.9bn from $1.4bn in the same period last year. Corresponding earnings per share reached [...]
OFT slams ‘too high’ Visa fees October 20, 2005 The Office of Fair Trading (OFT) stepped up its assault on British banks yesterday, announcing an in-depth inquiry into Visa fees. The investigation relates to so-called “interchange fees” which are levied by high street banks on retailers when they process Visa credit card transactions. In a related investigation into Mastercard fees, the OFT last month [...]