Mastercard News

Mastercard, Visa And Rupay Card In India: Since September 2024, the Reserve Bank of India has given customers the freedom to choose their cards. Customers can now select the card of their choice. 

RBI New Rules For Credit Card: Notably, the existing cardholders also have the option to switch networks during the renewal process, providing flexibility to select a different network if preferred.  

While Visa has acknowledged to a communication to this effect from the regulator on February 8, a response from Mastercard was awaited.

LIC Classic and LIC Select, the credit cards will provide more than 27 crores policyholders across the country an opportunity to save in the form of reward points on every LIC insurance premium payment. 

Fincare Small Finance Bank said that the newly launched Mastercard debit card comes with a host of user-friendly features, ensuring safer and more convenient digital transactions for cardholders.

Banga, a finance and development expert, will take over the role on June 2. He was the sole contender to replace departing World Bank chief David Malpass whose term ends early next month.

Ajay Banga, 63, currently serves as Vice Chairman at General Atlantic and previously, he was President and CEO of Mastercard.

Satvik Sethi resigned from his post on Thursday. Sethi posted the cause of resignation on Twitter. He resigned from his post citing abuse and emotional suffering.

After taking a credit card, people ignore many things. Due to which they have to suffer a lot. In such a situation, important things should be kept in mind while using a credit card.

RBI had barred Mastercard Asia / Pacific Pte from on-boarding new domestic customers. It had banned the company from onboarding new domestic customers onto its card network from July 22, 2021.

The Finance Minister is in the US to attend IMF-WB Spring Meetings 2022.

Any Visa card issued by financial institutions outside of Russia will no longer work within the Russian Federation. Mastercard also decided to suspend its network services in Russia.

In recent months, Amazon has introduced surcharges on customers using Visa credit cards in Singapore and Australia, citing high fees.

Sitharaman arrived here late Friday after her visit to Washington DC. She met Mastercard Executive Chairman Ajay Banga and Mastercard CEO Michael Miebach. PM Gati Shakti targets to cut logistic costs, increase cargo handling capacity and reduce the turnaround time.

RBI's supervisory action will not impact the services of the existing customers of Mastercard. Mastercard is a payment system operator authorised to operate a card network in the country under the Payment and Settlement Systems Act, 2007. System providers also required to report compliance to RBI.

Mastercard is donating $8.9 million to American India Foundation (AIF). The grant is expected to help 2.5 million Indians get quality healthcare services. American India Foundation will also use the funds to set up 2,000 portable beds in India.

Cryptocurrency trading volumes soared by 17 per cent last month Smaller exchanges saw volumes slump by 36 per cent to $381 billion Volumes hit an all-time high of $159.9 billion on February 23

Mastercard already offers a customer card that allows transactions using cryptocurrencies. It has also partnered with cryptocurrency firms such as Wirex and BitPay. The company plans to give prioritisation to consumer protections and compliance in its own plans, said Raj Dhamodharan.

The moves comes in the backdrop of the regulator RBI asking such payment technology firms to comply with data localisation norms which requires them to store transactions data of Indian customers within the boundaries of India.

RuPay process payments between banks and merchants for purchases made with credit or debit cards, while UPI instantly transfers funds between two bank accounts linked to mobile phones.