Payments News

On The Web

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China UnionPay Set to Issue Debit and Credit Cards in Europe

“China UnionPay will issue debit and credit cards in Europe from this month as its eyes global expansion to compete with Mastercard and Visa. The state-controlled Chinese firm teamed up with Tribe Payments, a UK-based back-office technology start-up. This partnership also allows banks to offer branded cards to customers.”
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Priority Technology Blames a Mastercard Subscription Rule for Its $19.5 Million Revenue Hit

“Merchant processor Priority Technology Holdings Inc.’s fourth-quarter revenues fell by $19.5 million, a drop of 16.5%, in the face of a new Mastercard Inc. rule change tightening consumer notices on subscription billings. “This decline was being driven by one factor and one factor only,” Priority chairman and chief executive Thomas C. Priore said Thursday morning […]
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Mastercard, Visa Propose Cutting Fees for European Merchants

“European Union regulators said Tuesday that Mastercard Inc.MA 4.37% and Visa Inc. have agreed to lower the fees assessed to merchants when they accept debit or credit cards issued outside the region, a move that comes after merchants alleged that networks and banks colluded to inflate those fees.”
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Visa Aims To Be An Ally To Fintechs

“With the digital payments market taking off around the globe, Visa wants to make sure it’s the partner financial technology startups turn too.  To meet that end its launching Visa Partner, a portal that provides fintechs with what it says is “unprecedented” access to its technologies and networks.”
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EU Banks Plot Pan-European Rival to Visa and Mastercard

“A group of 20 European banks are working together on “setting up a pan-European payment system to challenge the dominance of Visa, Mastercard and technology companies such as Google and PayPal,” French news agency AFP reports . “The Pan European Payment System Initiative (PEPSI) would handle all forms of cashless transactions,” AFP was told.”
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Mastercard’s Bet on Fintech Pays Off With Higher Card Spending

“The company has been starting card programs for fintechs including Brex Inc., Revolut Technologies Inc. and TransferWise Inc., and has unveiled programs designed to make it easier for startups to join Mastercard’s network. That helped boost customers’ spending on the firm’s cards to $1.28 trillion in the quarter, in line with analysts’ estimates.”

On The Wires

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Chase and UATP will make it easy for airlines to accept Chase Pay

“UATP – the airline-owned payment network – and Chase, are making it easier for airlines to accept Chase Pay as a payment and checkout option in their own apps and websites, by enabling a network-wide connection. Chase is the leading card issuer in the country and has relationships with half of all households in the U.S.”
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