Payments News

On The Web

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Companies

Credit card companies to trim merchant fees, but retailers group ‘underwhelmed’

“Ottawa has reached voluntary, five-year deals with Visa, Mastercard and American Express that the feds expect will help small and medium-sized companies save a total of $250 million per year, says a government source familiar with today’s announcement. Starting in 2020, Visa and Mastercard will reduce the fees they collect from businesses to an average […]
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Companies

Kroger Weighs Widening Unit’s Planned Ban On Visa Credit Cards

“The spat is the latest battle over the $90 billion that U.S. merchants pay each year in swipe fees. Major retailers have long looked for ways to cut down on such charges, including by lobbying lawmakers to lower the rates and through technology upgrades that avoid Visa Inc. and Mastercard Inc. entirely. A burgeoning group of financial-technology […]
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Companies

Eye on ATMs: Visa Will Lift Dynamic Currency Conversion Restriction at ATMs, Euronet Says; New PAI Leadership

“In what may be a boon for ATMs, Visa Inc. will allow dynamic currency conversion for consumers using international ATMs beginning April 13, 2019, says Euronet Worldwide Inc. The Leawood, Kan.-based processor, which operates more than 41,000 ATMs globally, says the rule change enables acquirers and ATM operators to offer the conversion service, which can convert the […]
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Companies

Visa, Mastercard Reach $6.2 Billion Settlement on Swipe Fees

“Visa Inc. and Mastercard Inc. agreed to pay as much as $6.2 billion to end a long-running price-fixing case brought by merchants over card fees, the largest-ever class action settlement of an antitrust case. The total is in line with sums the two companies previously set aside to cover the costs of the litigation, including $5.3 billion already […]
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Companies

PayThink Visa’s outage shows the value of modern quality assurance

“Even as the payments landscape has become increasingly complicated and convoluted over the past several years, many industry players have not kept pace with their payments testing methods or tools. Too many payment providers still rely on dated, decaying and disjointed systems for monitoring, testing and maintaining their payment channels.”

On The Wires

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Companies

Visa And MoneyGram Team Up To Simplify Overseas Money Transfers

“Visa Direct allows companies to leverage Visa’s global reach and scale to transform domestic and cross-border payments for businesses and consumers. The agreement with MoneyGram is the first cross-border use case for Visa Direct transactions originating in the U.S. The initial phase includes two priority corridors (United States to Mexico and United States to Philippines) […]
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Companies

Visa and WEX Team Up To Offer Choice And Versatility To Commercial Payments Customers

“Visa Inc. and WEX Inc., a leading provider of corporate payment solutions, today announced a new relationship, uniting two of the world’s biggest commercial B2B payment solutions. As part of this arrangement, WEX and their corporate payment customers have the ability to use a Visa virtual credit card to enable global business-to-business (B2B) payments, thereby […]
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Companies

Visa Invests in Behalf to Support Small Business Financing

“Visa (NYSE: V) today announced an investment and partnership with Israeli start-up, Behalf, to support small business growth through easy-to-access capital and financing. Behalf provides working capital solutions for small businesses and flexible financing for business purchases.”
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Companies

Paidy Announces Strategic Investment from Visa

“Today, Paidy Inc. (“Paidy”), an instantly-issued post-pay credit provider, announced an investment from Visa (NYSE:V) as part of the company’s Series C funding. Paidy is Japan’s first instantly-issued post-pay credit service for ecommerce consumers. In addition, the two companies are partnering on new digital payment experiences that will give Japanese consumers more options when buying […]