Payments regulator slams Visa and Mastercard for merchant fee hikes but forgoes price caps Payments The UK payments regulator has found "little evidence" that fee hikes by Visa and Mastercard on retailers have majorly improved the quality of service, adding that the card giants do not face effective competition.
Meet Volt, the London fintech taking on Visa and Mastercard’s duopoly Fintech For six decades, the global payments industry has been dominated by Visa and Mastercard. In the UK, the two firms had 99 per cent market share of UK debit and credit card payments in 2021.
Dunelm adds Mastercard UK boss to executive team Retail Dunelm has added Mastercard's UK and Ireland president to its executive team.
Mastercard and Visa are back in court over interchange fees February 14, 2024 The lawsuits allege that Mastercard and Visa both acted unlawfully by overcharging businesses for accepting credit and debit card payments on corporate and consumer cards.
Mastercard snaps up stake in $5.2bn fintech arm of South African telecoms giant August 14, 2023 Mastercard has snapped up a minority stake in the fintech arm of South African telecommunications giant MTN in a deal that values the division at more than $5bn, the telecoms firm announced today. MTN, Africa’s biggest mobile company which has operations across the continent, said in its half year results that the deal would be [...]
Mastercard beats profit estimates on spending boost July 27, 2023 Mastercard on Thursday reported a bigger-than-expected rise in second-quarter profit, boosted by resilient spending in a turbulent economy.
Payments watchdog wants open banking to ‘inject more competition’ into card market June 27, 2023 The UK’s payments regulator today argued that the card market did not have “sufficient competition”, but suggested progress on open banking could open it up to a wave of innovation. Chris Hemsley, managing director of the Payment Systems Regulator (PSR), said the watchdog was looking to find ways of “injecting more competition into this market [...]
Mastercard seeks to expand crypto card tie-ups April 28, 2023 Mastercard will expand its cryptocurrency payment card programme by seeking more partnerships with crypto firms, the company’s head of crypto and blockchain said, even as the sector comes under closer scrutiny from regulators and banks grow wary. Mastercard has already partnered with crypto exchanges including Binance, Nexo and Gemini to offer crypto-linked payment cards in some countries. The Binance cards allow users to make payments in traditional currencies, funded by their cryptocurrency holdings on the [...]
Mastercard beats earnings estimate as consumer spending holds and cross-border transfers rise January 26, 2023 Consumer spending holding strong and a jump in cross-border payments helped Mastercard beat analyst’s earnings estimates for the last quarter, the company said today. At $2.62, Mastercard’s earnings per share was slightly higher than analyst estimates, while profit rose six percent in the period to $2.5bn, matching expectations, the firm said in its quarterly earnings [...]
Brits switch to social media for music as concerts go meta, says Brit Awards sponsor Mastercard January 16, 2023 Younger Brits are more likely to get their music recommendations from social media with TikTok and Instagram the most popular platforms. According to a new report by Mastercard 56 per cent of those aged 16-24 found their favourite music online. The report by the Brits Awards sponsor claims social media is overtaking physical concerts and [...]